When Can You Expect to Receive It?

Congress is currently discussing a new stimulus package for the US economy, known as the “HEALS” Act. They have until Friday to finalize the details, but let’s stay hopeful and assume an agreement is reached. If this happens, another round of stimulus checks will be sent to all eligible US citizens. Treasury Secretary Steven Mnuchin has stated that the process of sending out these payments should be quicker than it was with the CARES Act.

Mnuchin mentioned, “If I could get [the next stimulus bill] passed tomorrow, I could start printing them the following week. I could have them out immediately.”

The eligibility criteria for receiving this payment are similar to those of the CARES Act. Individuals with an annual income below $75,000 based on their most recent tax returns will qualify for the full $1,200 payment. The amount decreases as income surpasses $75,000 and phases out completely at $99,000. Married couples making under $150,000 jointly will each receive $1,200. Additionally, you can get an extra $500 for each dependent. While under the CARES Act, this only applied to dependents under 17, there are talks of expanding this provision for the HEALS Act. Those without any income can still be eligible for the payment by explaining their situation to the IRS.

Now, who will receive the payments first? Individuals who have their direct deposit information on file with the IRS will get the money directly deposited into their accounts. If you haven’t provided this information or don’t have a bank account, you will receive a paper check or prepaid debit card. The speed of the process might be impacted by the specific details of the final bill, especially regarding payments for dependents. If the rules change to provide more funds for dependents, the IRS may need extra time to adjust their systems, potentially delaying the process.

We will have to wait until Friday to see if an agreement is reached. Let’s hope Congress can finalize the details soon.