As COVID-19 continues to impact our country, Congress recently passed a second stimulus bill in an effort to help Americans through this troubling time. This $900 billion package will provide aid including Economic Impact Payments, continued Unemployment Assistance Benefits, funds for businesses, and more. Here’s a little more info, to help with any questions or concerns you might have.
Economic Impact Payments
Similar to the first round of the CARES Act, those that qualify for the Economic Impact Payments will receive a one-time payment of $600. Individual adults with adjusted gross income on their 2019 tax return of up to $75,000 a year and heads of households making up to $112,500 and a couple (or someone whose spouse died in 2020) earning up to $150,000 a year will receive up to $1200. Those that have dependent children will receive $600 for each child under the age of 17. Starting on December 29th, the Internal Revenue Service and the Treasury Department will begin delivering the second round of Economic Impact Payments. Those that received their payment via direct deposit will see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021. Click here to learn more and to determine if you are eligible.
Due to the continued high unemployment rates and businesses closures or hiring freezes around the country, Congress included a provision to extend federal unemployment benefits. The extension applies to people receiving state-level benefits as well as those that are receiving checks through the Pandemic Unemployment Assistance program, which was originally scheduled to expire on December 26, 2020 and is now extended through March 14, 2021. Those that qualify for unemployment checks will receive an additional $300 weekly. To see if you qualify or to confirm when payment is expected you’ll need to check with your state’s website. For more information on the Unemployment Insurance Relief, click here.
Update – January 4, 2021
If you have confirmed your eligibility for the second round of Economic Impact Payments, and have yet to receive your funds, we encourage you to visit the IRS site here for additional assistance as there may be additional information needed and/or, you may be receiving your funds via check of which the IRS advised mailing of checks will begin on Wednesday, January 6, 2021.