Many American families are eagerly awaiting the second round of stimulus checks after Congressional leaders came to an agreement on stimulus on Sunday. While this is similar to the stimulus checks approved in March under the CARES Act, there are some key differences—among them, a $100 boost for kids.
On Monday, Treasury Secretary Steven Mnuchin appeared on CNBC and stated “people are going to see this money at the beginning of next week,” suggesting the stimulus checks could be arriving in bank accounts before the end of 2020.
So what are families receiving this time?
Single people earning up to $75,000 will receive $600.
Couples earning up to $150,000 will receive $1,200.
Children under 17 will receive $600 (up from $500 the last time around).
If you made more than $75,000 in 2019 (or more than $150,000 as a couple) your stimulus check will be smaller than the check for those who made less. It will be reduced by $5 for every $100 of income earned above the cutoff. And if you made more than $99,000 as an individual you won’t be getting a stimulus check.
Basically, a married couple (making under $150,000) with 2 kids could see $2,400 in their bank account soon.
Another important change: If one adult in a couple is an immigrant without a Green Card they still qualify this time around. Last time whole families (even when the spouse and kids were American citizens but one parent was an immigrant without a Green Card) were excluded, so this is retroactive.