DORAL, FL – Stimulus checks of $600 per person could land on people’s bank accounts as early as next week. This is part of the $900 billion economic relief package that Congress passed Monday night.
The second stimulus check approved is now waiting the president’s signature to become law, which will benefit the millions of people who are still struggling financially amid the coronavirus pandemic.
According to a report by CBS News that cites a study from TransUnion, almost 6 in 10 consumers state they have suffered financially due to the pandemic as of the end of November 2020.
“While the deal is months late and will likely fall short of what is needed to prevent a rough winter, it’s better than nothing,” wrote Gregory Daco, chief U.S. economist at Oxford Economics, in a December 21 research note, as reported by the media.
But who will receive the second round of stimulus checks? First, dependent children. They will receive the same $600 checks as adults but only if under 17 years old. College students and older high school students won’t qualify for the payments even if they depend on their parents to live.
On the other hand, single people earning up to $75,000 will also receive $600, while married couples earning up to $150,000 will receive $1,200.
The amount of payment individuals receive will be reduced by $5 for every $100 of income earned above those thresholds, according to the House Appropriations committee.
The money will not arrive to single people earning over $87,000 or married couples earning more than $174,000.
A family of two parents with two child dependents could receive up to $2,400 under the provision, lawmakers said.
Couples with one of the members not being a Green Card holder could qualify for the checks as well, which is a variation from the first round of payments only applicable to American citizens or immigrants with a Green Card.
To verify how much money a person can receive, click here to get an estimate.