WASHINGTON (KDKA) — After first refusing to sign the latest coronavirus relief bill, President Donald Trump reversed course and signed the $900 bill measure on Sunday.
This new law means another stimulus check for most Americans. So how much will that check be and when will many get it?
This check is not as big as the last one. Instead of $1,200 per adult and $500 per child, this check is $600 for both adults and kids aged 16 and under. The help is better than nothing, but not everyone will get something.
“The funds will go to about 80 percent of people, so there’s an income limit,” says Prof. Risa Kawazawa, an economist at Duquesne University.
That’s right. Based on your 2019 tax return, individuals who made under $75,000 and couples who made under $150,000 will get the full amount.
So an eligible family of four will get $2,400 this time compared to $3,400 last spring. When might you get this money?
“The checks are starting to go out, they say, in a week or two. Their goal is to get it out quickly,” says Prof. Stephen Foreman, an economist at Robert Morris University.
The U.S. Treasury Department says to watch for a deposit in the checking account you use for tax refunds or Social Security payments. Of course, checks that are mailed will take longer.
Some other good news is that none of this money is taxable.
“This bill also extends unemployment and provides targeted loans to small businesses, so we can look for some economic impact there as well,” says Foreman.
Unemployment compensation and Payroll Protection Program loans are critical for many, but says Kawazawa, “I don’t think that this is enough to stimulate the economy.”
So will there be a third stimulus check later this winter or spring?
“There probably will be another COVID relief bill,” Prof. Kristin Kanthak, a political scientist at the University of Pittsburgh, told KDKA money editor Jon Delano on Monday. “There will certainly be work on a COVID relief bill. The question is, what is it going to look like?
Under President Joe Biden, that may depend on which party controls the U.S. Senate, a decision still up in the air until voters in Georgia elect two senators on Jan. 5.
Late Monday afternoon, the House of Representatives voted to increase the coronavirus relief checks to $2,000 per person. Some 44 Republicans joined 231 Democrats to provide the two-thirds vote necessary to pass the stand-alone bill.
This measure now goes to the Republican-controlled Senate for consideration.