After the U.S. unemployment rate hit a 20-year high in April 2020, many Americans have been struggling to stay afloat in the new year. Before the second stimulus bill passed, eviction protections were set the expire and millions of Americans were worried about catching up on missed rent payments and finding help paying bills.
Now that Congress has passed the most recent $900 billion stimulus package, many families and individuals will get some extra breathing room. Still, even as some parts of the economy start recovering from the recent downturn, everyone’s eyes are on the new government stimulus check that the bill provides. Read on to learn about the requirements for the stimulus check, how much money is available and what other protections to expect.
In addition to providing a one-time payment of $600 to eligible individuals, the most recent stimulus bill extends eviction protections for families that are late on their housing payments. The law also extends the federal government’s extra unemployment benefits (although at a reduced amount of $300 per week).
Of course, one of the most important parts of the new stimulus deal the president signed into law is emergency financial assistance up to $600 for individuals who meet certain requirements.
The most important of these requirements for the stimulus check is related to income. In order to receive the “free” government money for individuals, you must have a 2019 reported income of $75,000 or less.
If your income is higher than that amount, you will not be eligible for the full $600, but you may still receive a portion of the funds. If you have dependent children, you may also be able to receive a credit for each child.
If you qualify for the second stimulus check, the IRS will send your funds either electronically (through direct deposit) or by mail. Direct deposit is the fastest way to receive payment, as long as the banking information the IRS has on file for you is accurate.
Those who are sent the stimulus check by mail will receive either a paper check or a prepaid debit card.
Read on to learn more about the government stimulus check, including more about who is eligible and where to get it.