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Second Stimulus Check: 6 Essential Facts to Understand Another Payment



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What happens to a second stimulus check? We will tell you.

Angela Lang / CNET

It’s a chaotic time. Early voting for the Election on November 3rd is underway in some states with intense presidential debates Consequences. Health experts predict that Covid-19 pandemic may intensify during the flu season and now Washington is seething beneath the death of Supreme Court Justice Ruth Bader Ginsburg and a possible government shutdown.

With all of this, it’s difficult to stay tuned top of the latest developments to happen in Washington a Coronavirus relief bill with a second stimulus test. To keep things simple, we’ve identified the six most important facts that are currently known.

Read on for the key information you need to understand about a another direct payment to the qualified recipients. We update this story regularly.

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Washington continues to talk about the need for more direct payments.

Angela Lang / CNET

1. A new stimulus check is desired, but not yet here

The second stimulus check is strongly supported by both parties but is not a closed deal. The talks have now been suspended for over a month. Another payment is only made if a bill passes Congress or is funded by an executive order, which Trump pointed out in early September.

“It is very important that we have momentum that helps the areas of the economy that need support,” said Treasury Secretary Steven Mnuchin on September 14th [House Speaker Nancy Pelosi] I’m always available to negotiate, no conditions, “he said.


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Next stimulus checks: what to expect


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2. The IRS might send a second check faster than the first time

It took the IRS and Finance Department about two and a half weeks to send them out the first round of stimulus payments to authorized recipients. Mnuchin has said he could send them a lot faster this time once a deal is made.

“I could get 50 million payments very quickly,” Mnuchin said in August, a week after a bill was signed.

3. Qualifications can tip in your favor

While we believe that a second stimulus check would follow largely the same guidelines as the first, Admission requirements Subject to changes. It could even benefit your family when a new stimulus bill is redefined who counts as a qualifying dependent.

Further information on eligibility:

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Less than a quarter of eligible recipients received their payment as a check in the mail.

Sarah Tew / CNET

4. You can now estimate the size of your check

If you are I’m still waiting for your first payment If you’re looking for an estimate of how much a second exam might involve, you can use ours Stimulus Check Calculator to get an idea of ​​how much you, your family, and loved ones could expect, especially if qualifications shift due to another stimulus check. Our calculator tool does not save your personal data in any way.

5. How the IRS sends your stimulus money is important

To get money for economic aid to eligible Americans as quickly as possible, the IRS and the Treasury Department took a variety of approaches including direct deposits, physical checks, and Prepaid EIP cards. According to the latest figures from the finance department (in June), the nearly 160 million payments are divided as follows:

  • Direct deposit: 75% or 120 million
  • Paper check: 22% or 35 million
  • Prepaid EIP debit card: 3% or 4 million

With the IRS continuing to urge people to set up a direct deposit in order to receive payments straight into their bank account, that number could be even higher. The quickest way to get your money is expected to be with direct deposit, followed by a check and EIP card. The IRS will automatically select the payment method but will likely open their portal for Register for direct deposit if you haven’t already.

6. The fine print can get complicated quickly

When and when a second stimulus test arrives, the details need to be deciphered. While some situations are straightforward, other complications for you and your loved ones can make it unclear whether you are eligible, how big a check should be and when it comes. There are plenty of marginal cases.

For example:

There is a lot more to know about other government payments during the pandemic. Here’s what you need to know a possible interest rate review by the IRS, the $ 300 unemployment benefit and the administration’s wage tax cut.


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