Here’s What You Need to Know About Those $600 Stimulus Checks That Are On the Way
UPDATE: 2:03PM DEC 24TH: The GOP shot down House Majority Leader Steny Hoyer’s attempt to increase the $600 payments in the latest covid relief bill to the $2,000 payments President Donald J. Trump said he wants in the video below. Nancy Pelosi says Democrats will try again Dec. 28, with a similar bill that will bring it to a full vote on the House Floor. If it passes all eyes will be on Senate Majority leader Mitch McConnell.
UPDATE: 8:48PM EST: Speaker Nancy Pelosi agrees with President Donald J Trump on need to increase stimulus checks for hard-working Americans:
Republicans repeatedly refused to say what amount the President wanted for direct checks. At last, the President has agreed to $2,000 — Democrats are ready to bring this to the Floor this week by unanimous consent. Let’s do it! https://t.co/Th4sztrpLV
— Nancy Pelosi (@SpeakerPelosi) December 23, 2020
UPDATE 8:00PM EST: President Trump is threatening to veto stimulus bill unless stimulus checks increased to $2,000 from $600 calling the bill passed by Congress a “disgrace”
— Donald J. Trump (@realDonaldTrump) December 23, 2020
The coronavirus pandemic has made it especially difficult for many people to pay the bills in 2020. Many businesses have struggled to stay open with all the restrictions and forced closures. Meanwhile, many employees found themselves out of work.
Back in the Spring, many Americans received $1200 stimulus checks. Now, many Americans are going to be receiving yet another stimulus check, but this time it will be $600. Although the amount of the check is half the amount it was the last time, it is still much needed help for many Americans.
Not everyone will qualify for a $600 check, but some families will actually be getting quite a bit more. Here’s how it works. Any single person who earns up to $75,000 will be eligible for a $600 check. A married couple that earns a combined total up to $150,000 will receive a $1200 check.
Anyone who has children that they claim as dependents on their taxes will receive an additional $600 per child. That means that a family with 2 adults and 2 children would get a check for $2400 as long as they don’t earn more than $150,000.
While the amount adults get paid is half what it was in the spring, the amount per child has increased from $500 to $600. In the spring, the $500 applied to all dependents, including adult children like college students and senior citizens claimed as dependents. It is not clear if these older dependents will qualify for the stimulus check this time around.
There is another big difference. In the spring, if a household included a family member who was an immigrant without a green card, the family was not eligible for the stimulus check. For example, this rule would apply to a married couple where the wife is a citizen and the husband is not. This time around the rules have changes. In the example above, the couple would still be eligible for a stimulus check.
Anyone who is on unemployment will be eligible for additional benefits. Through March 14, 2021, unemployment checks will include an extra $300 per week.
There’s additional aid for small businesses. Another $284 billion in forgivable loans is going to be added to the Paycheck Protection Program. In addition, $20 billion in Economic Injury Disaster Loans is going to be used to help businesses that are specifically located in low-income communities. Another $15 billion will be specifically designated to help independent movie theaters, culture institutions and live venues that have had to close due to the pandemic.
Do you think theses stimulus checks will be enough to help Americans during this difficult time?