Find Out About the New Stimulus Plan That Will Pay Americans Up to $600

With most of the country closed down, countless Americans are struggling to make ends meet.

Once again, people and their families are having to make do with smaller paychecks or no income at all.

But there is good news. As of this writing, many Americans will receive a second stimulus check for up to $600 within the next few weeks – if they have not received it already. This second Economic Impact Payment comes courtesy of the CARES Act.

Going back to the law signed by President Donald Trump in March 2020, this is the second Trump stimulus check available to Americans.

If you have filed your taxes electronically, your stimulus check may already be in your bank account. Otherwise, if you filed taxes by mail, you can expect to get a paper check or a prepaid VISA debit card in the mail in January 2021.

Continue reading to find out more information about this second stimulus check and how much you can receive.

What is the new stimulus package?

Just like the first stimulus check sent out in mid-2020, the second stimulus plan is designed to continue helping the American people, especially those who have become unemployed or had their pay cut due to shutdowns.

You do not have to apply to get this economic impact assistance. Stimulus payments are automatically sent to all eligible Americans, and you can spend the money however you choose. There are no rules on what the stimulus money can be used for.

This money can be used to help afford rent and groceries. It can also be used on other necessities during this unprecedented time.

If you got the first government stimulus check, it is very likely that you will get these second economic impact funds. In fact, even more people may qualify for this government assistance thanks to a new guideline, which lets married couples with one member who doesn’t have a Social Security Number still receive a payment.

How much money can I receive from the second stimulus package?

The full $600 second stimulus check is available to the following Americans:

  • Individual tax filers who made up to $75,000 in 2019
  • Head of household tax filers who made up to $112,500 in 2019

Married couples can get a stimulus payment worth up to the full $1,200 if they earned up to $150,000.

Even if you don’t meet the above requirements, you can still get a lower payment less than the full $600. Calculate how much stimulus cash you can receive by following these steps:

  1. Find out how much your income goes above the limit for your situation (single, married, or head of household).
  2. Multiply that amount by 5% (.05).
  3. Subtract the total from the full economic impact payment amount to see how much you can still receive.

Here is an example. If you made $200 more than the income limit for your group, multiply $200 by .05 and that gives you $10. Then, subtract $10 from $600, and you find out that you will still get a stimulus payment worth $590.

Have a dependent in your family? If you do and your dependent is under 17, you can get an extra $600 for each dependent in your tax return. That’s $100 more than the first stimulus check provided Americans.

How to Get Your Second Stimulus Check

You do not need to complete any application or submit any request in order to get your stimulus payment. As long as the IRS has your information from previous tax returns, you will get your Trump stimulus check by mail or via direct deposit in your bank account (for those who filed electronically).

In addition to sending you the stimulus money, the Internal Revenue Service will also send you a letter telling you where the money was added or sent.

Will there be more stimulus checks in the future?

The $600 stimulus check is the second economic impact since the CARES Act was passed back in March of 2020. It follows a $1,200 stimulus check that was issued in mid-2020 to eligible Americans. While further stimulus packages have not yet been approved, additional funding has been discussed by Congress.

Additional economic assistance may be made available in the future in the form of a third stimulus plan, but only time will tell.

In any case, if you are unemployed or had your hours cut, getting unemployment benefits is easier now with the CARES Act in place. In addition to making compensation available to more workers, you can get a higher amount of unemployment money from the government.

If your employment has been affected, be sure to take advantage of these additional unemployment benefits by applying through your state agency.

Wondering what other assistance the CARES Act provides? Additional assistance has been given to Americans by way of:

  • Pausing their student loan payments.
  • Suspending mortgage payments for mortgages backed by the government or government-sponsored companies.