What’s the Status of the Stimulus Checks? What You Need to Know

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The bill to give $600 stimulus checks to taxpayers was signed by President Trump and payments are on their way, find out where Congress is at in the battle over increasing the amount to $2000…Will you get another $1400?

COVID-19 stimulus checks for $600 are on their way to American taxpayers

Last Sunday, President Donald Trump signed legislation for a coronavirus stimulus package that was approved by the House and the Senate that will give $600 to each American taxpayer making $75,000 per year or less.

President Trump signed the bill after a week-long delay as he demanded that the amount of the $600 stimulus checks to American taxpayers, which he called a “disgrace,” be raised to $2000. The battle to give Americans more money still rages on as a second payment of $1400 could be forthcoming.

$600 stimulus checks began rolling out last Tuesday

On the evening of Tuesday, December 29, 2020, The Treasury Department began the rollout of the $600 economic stimulus checks, with more scheduled to arrive on Wednesday, December 30, through direct deposit, the New York Post reported. The payouts will continue from there forward.

Treasury Secretary Steve Mnuchin tweeted: “@USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments.  These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week.”

The first payments will go through direct deposit to those individuals who have set up government-registered bank accounts with the IRS. The Treasury was scheduled to begin mailing out physical checks on Wednesday, December 30, to individuals who did not have direct deposit set up.

How much will you receive from the stimulus payment?

A $600 check will be issued to each individual taxpayer with a $600 payment for each dependent child.

Stimulus check eligibility

Single tax filers earning $75,000 or under will receive a $600 stimulus check, the income limit is $112,500 for head of household and $150,000 for married and filing jointly.

Payment examples:
  • A single, unmarried individual would receive $600.
  • A married couple filing jointly would receive $1200.
  • A head of household with one child would receive $1200.
  • A married couple filing jointly with two children would receive $2400.
  • A married couple filing jointly with three children would receive $3000.

What is the status of $2000 stimulus payments?

With the Treasury confirming that American taxpayers will begin receiving $600 stimulus payments as early as Tuesday, December 29 and rolling out from there forward, the question remains as whether Americans will receive another payment of $1400 to reach the $2000 taxpayer stimulus total called for by President Trump and a number of senators and representatives of Congress of both parties.

On Wednesday, not satisfied with the legislation approved by the House of Representatives, Senate Majority Leader Mitch McConnell (R-KY) introduced his own version of a bill to increase the stimulus checks to $2000, which also included legislation aimed at two other major priorities of President Trump.

On Thursday, December 31, McConnell blocked a motion for a quick vote put forth by Senate Minority Leader Chuck Schumer (D-N.Y.) and Sen. Bernie Sanders (I-VT) on the House-passed bill.

On Thursday, Sanders spoke on the Senate floor urging senators to vote for the $2000 stimulus amount.

McConnell slammed the House-passed legislation as “socialism for the rich,” CNBC reported.

The Senate is scheduled to keep working through the New Year’s Day holiday to work out an agreement. Meanwhile, Congress will not return until noon on Sunday, January 3, so there is no possibility of a new House vote before then, ClickOrlando reported.