Throughout the spring, Americans received $1,200 stimulus checks from the U.S. government in order to support them during COVID-19 and protect the economy. If recipients had children, they received an additional $500 per child as well. Some Americans received that money directly in their bank account if they previously set up direct deposit when filing their tax returns, while others got a check in the mail.
Now, Senate Republicans have laid out their plans for a second round of $1,200 stimulus checks. While Republicans and Democrats agree that Americans need financial support right now, they’re still hammering out the details over what that support will look like.
How Much Money Will the Second Round of Stimulus Checks Offer?
Just like with the first round of stimulus checks, which cost an estimated $300 billion, individuals will receive $1,200, couples will receive $2,400 and parents will receive $500 per each qualifying child under 17. In this second round, however, dependents over 17 will also qualify.
The income threshold is going to be the same as well. If you made up to $75,000 in adjusted gross income as an individual or up to $150,000 as a married couple who filed joint taxes, you would receive the full payment. The more income you make, the less stimulus money you receive. If you make over $99,000 as an individual or $198,000 as a couple, then you will not be awarded a stimulus payment.
When Will Americans Receive Their Next Stimulus Payments?
Nothing is finalized yet. However, if all goes well, the checks will hopefully go out sometime in August of 2020. If Congress does not finalize legislation in July or August, then the new stimulus could be delayed until after Labor Day.
If there was a delay during the first round, you may face a delay the second time around as well. While the Treasury Department estimated the government would dole out 171 million stimulus checks during the first round, only an estimated 159 million payments had been sent out as of the beginning of June. From early June through the end of July, less than 1.5 million payments were sent.
If you already sent in your 2019 tax return and you set up direct deposit, you should get your check quickly. However, if you have not yet sent in your tax return, you could experience a delay.
What to Do if Your Stimulus Check Is Delayed
If your check is delayed, you can always contact the IRS by phone at 800-919-9835 to directly ask about your Economic Impact Payment. Be aware that you may have a hard time getting through to support. There were 15.4 million calls placed to the IRS following the first round of stimulus checks, and only 5% of callers were able to reach someone at the IRS. Politicians have made it clear that the IRS needs to improve their communication.
Additional Financial Resources During COVID-19
If you are out of work, make sure you file for unemployment with your state as soon as possible. You could receive a fraction of your pay to help you survive right now. You should also see if you can defer payments to your credit cards and loans, as well as look into the rental laws in your city to determine whether or not you can defer rent as well. If you’re having trouble with paying rent, never stop paying outright. Instead, be in communication with your landlord as soon as possible and learn the laws so that you don’t face an eviction.