WASHINGTON (NewsNation Now) — There are a lot of moving parts in the latest coronavirus stimulus package. Here’s a breakdown of where things stand:
📆 When will I get my check?
- Direct deposits began on Tuesday night, according to Treasury Secretary Steven Mnuchin.
- Paper checks began being mailed on Wednesday.
- People will be able to track the status on the IRS website later in the week, but as of Friday, the tool wasn’t working.
- The IRS already has your banking information ready to get the money.
U.S. Treasury Department Statement
“This second round of payments will be distributed automatically, with no action required for eligible individuals.”
💵 How much money will I get?
For now, checks will max out at $600 for individuals. Depending on tax filing status, income levels and the number of children you have, that number may increase.
You may not be getting a check this time
If you don’t get a direct deposit by early January 2021, you should watch your mail for either a paper check or debit card.
To speed delivery of the payments to reach as many people as soon as possible, the Bureau of the Fiscal Service, part of the Treasury Department, will be sending a limited number of payments out by debit card. Please note that the form of payment for the second mailed EIP may be different than for the first mailed EIP. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time may receive a paper check.
U.S. TREASURY DEPARTMENT website
The debit card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front of the card and the issuing bank, MetaBank on the back of the card, the Treasury department said.
What about college students?
Many college parents claim their children as dependents, but the $600 dependent bonus wouldn’t qualify their parents for a check. Only children 17 or younger will get the $600 add-on. Adults dependents also don’t qualify for their own payment, according to The Tax Foundation.
💰 What about $2,000?
There is a lot of talk about increasing the payments to $2,000 from $600. Here’s where that stands:
- President Donald Trump wants the amount increased to $2,000. He held off signing the bill for several days after it passed Congress. However, he signed the original legislation which was capped at $600.
- The Democratic-controlled House of Representatives passed a bill Monday to increase the payments to $2,000.
- The bill moved to the Senate on Tuesday, where it was blocked by Majority Leader Mitch McConnell.
- Later on Tuesday, McConnell introduced legislation that would increase the payments to $2,000, but tied in two unrelated measures regarding Section 230 and election fraud. The Democratic Senate leader Chuck Schumer said McConnell’s bill “will not pass the House and cannot become law.”
- A growing number of Republicans are aligning with President Trump to support the increase. NewsNation’s Joe Kahlil reported Sens. David Perdue, Kelly Loeffler, Deb Fischer, Marco Rubio and Josh Hawley all support an increase.
- McConnell said Wednesday that there was “no realistic path” to pass the checks through the Senate.
- That was confirmed when the Senate wrapped up a rare New Year’s Day session with Republicans rejecting the $2,000 COVID-19 aid checks.
📈 What if Congress passes an increase?
While it didn’t happen under the 116th United States Congress, there is still a plan in place. Since checks are already being deposited, the difference will be paid in a separate payment.
If additional legislation is enacted to provide for an increased amount, Economic Impact Payments that have been issued will be topped up as quickly as possible.
U.S. TREASURY DEPARTMENT STATEMENT
📨 How to track your payment
Later this week, you can check the status of your payment at IRS.gov/GetMyPayment. As of Friday, the tool wasn’t working.
What if I didn’t get a check earlier in the year?
If you did not register online, by mail and did not get a payment in 2020 or you received a payment, but it wasn’t the full amount, you may still be eligible to receive a payment in 2021. According to the IRS, you may be eligible for the Recovery Rebate Credit.