Lawmakers have finally reached an agreement on a second round of COVID-19 relief, which includes $600 stimulus payments for most Americans.
Treasury Secretary Steven Mnuchin said those payments will begin going out via direct deposit next week.
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So, how can you tell if you qualify for it? The easiest way to think of it is, if you were eligible for the $1,200 stimulus payment earlier this year, you’ll qualify for a payment this time around. But here’s a quick refresher on who qualifies for what:
- $600 direct payment checks for every adult earning up to $75,000;
- Individuals earning $75,000 to $99,000 would get smaller checks;
- The benefit cuts out entirely for individuals earning over $99,000;
- $600 for each dependent child.
If you are already set up for direct deposits, Mnuchin says the payments will go straight into your bank account. He said checks will begin going out starting sometime in January. The economic relief package carries a steep price tag: $900 billion. It includes:
- $68 billion to purchase and distribute COVID-19 vaccines, as well as more money for increased testing;
- An additional $300 per week in federal unemployment benefits through mid-March. Self-employed people and gig workers will also receive extended assistance;
- $25 billion to help families pay their rent, and it extends the eviction moratorium now in effect until Jan. 31;
- $284 billion for Paycheck Protection Program loans.
The Internal Revenue Service call center is back open. So if you have questions about your economic impact payment, dial 800-919-9835. But the IRS warns that live assistance over the phone is extremely limited at this time.