When Should You Expect Your Stimulus Check?
Both chambers of Congress voted on Monday to approve the long-awaited COVID-19 relief package.
The bill includes $300-a-week in supplemental jobless benefits, direct payments of $600 for individuals, more than $300 billion for schools, as well as billions for help with vaccine distribution.
In the immediate future, most Americans are interested in the $600 coming their way. So, who is exactly going to get this money and when will it hit your banking account?
The income criteria for working adults to qualify for the $600 stimulus payments are the same as they were in March: Single people who earned up to $75,000 in 2019 will receive a $600 payment and married couples who earned up to $150,000 will receive a $1,200 payment.
Individuals and couples who exceed those thresholds will receive less. For an individual, it is about $5 less for every $100 more than $75,000, up to an income of $99,000. For married couples, the cut-off is $198,000.
Parents will receive $600 for each of their dependent children younger than 17 years old. This is an increase of $100 from the previous relief package.
To help you determine how much money you are eligible to receive, there is an online calculator to assist.
The good news is that this go-round, money is hitting Americans' bank accounts much quicker than last time. U.S. Treasury Secretary Steven Mnuchin says payments will start going out the week of December 28.
Direct-deposit payments will arrive quickest while checks sent by mail could take until late January to start arriving.
To read a more in-depth explanation regarding who gets payments and when it will arrive, check out this article from Bloomberg in which they breakdown the stimulus payments.
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