You can’t blame Americans for being anxious to receive their stimulus money: with a weakening economic recovery and an out-of-control pandemic, direct payments included in the $ 900 billion stimulus package signed by President Donald Trump on December 20 are literally a lifeline for millions of Americans.
This $ 900 billion economic aid package set money aside to send most Americans a $ 600 stimulus check – against the $ 1,200 checks sent by the CARES law passed in March and earlier than the $ 2,000 demanded by Congressional Democrats and later President Trump. The bill also brings back improved weekly federal unemployment benefits for those over 19 million Americans still on unemployment benefit lists. These enhanced benefits will pay $ 300 per week, in addition to state benefits, for a maximum of 11 weeks.
We know help is coming, but when? Here is Fortuneguide to.
When to expect your $ 600 incentive check
Americans began receiving their $ 1,200 stimulus checks two weeks after the CARES Act was signed in March. But this go-around, the US Treasury Department accelerated the process and started depositing $ 600 checks on Tuesday– just nine days after Trump signed the bill.
Taxpayers who have their direct deposit information on file with the IRS will receive their payments by direct deposit. The IRS began sending these direct filings on Tuesday, and will continue to send them next week.
The rest of eligible Americans and foreign residents will receive their checks by mail. Those checks started mailing out on Wednesday, but it’s unclear how long the paper checks will take to arrive.
Who is eligible for checks for $ 600?
The federal stimulus bill will send checks for $ 600 to most adults and $ 600 for each dependent child. However, the funds will be phased out for people with higher incomes. These stimulus checks will decline for households whose adjusted gross income in 2019 – that is, federally taxable income – exceeds $ 75,000 per person or $ 150,000 per qualifying couple. Checks are completely gone for people earning over $ 99,000 and childless co-filers at $ 198,000.
You can find more details about your stimulus payment at this IRS portal.
When will the $ 300 unemployment checks start to roll out?
The enhanced unemployment checks of $ 300 will be issued for the week ended December 27 through the week ending March 13. But the timing for when unemployment payments of $ 300 will actually start filing varies from state to state.
Some states, including New York and Minnesota, announced that unemployed residents on their unemployment lists are expected to begin receiving checks for $ 300 the week of Jan. 3, 2021. Other states are expected to announce their deadlines next week.
The good news? If states delay sending unemployment benefits of $ 300, benefits will be refunded for the weeks ending between Dec. 27 and March 13.
Who is eligible for checks for $ 300?
The CARES law, adopted in March, expanding eligibility for unemployment benefits to include unemployed part-time workers, self-employed workers, freelancers and independent contractors. Those unemployed Americans covered by Pandemic Unemployment Assistance, as well as anyone on traditional unemployment lists, will automatically receive the new weekly federal benefit of $ 300.
Those who qualify will receive the additional $ 300 per week, regardless of their previous salary. This is in addition to their unemployment insurance benefits. For example, a worker in New York who receives the state’s maximum benefit of $ 504 per week would receive a total of $ 804 per week.
More to read absolutely financial cover of Fortune:
- 14 of the biggest bankruptcies of 2020—And who could be next in 2021?
- Everything jobless Americans need to know unemployment benefit of $ 300
- Biden wants change how credit scores work in America
- The biggest trade scandals from 2020
- Comment: How your personal finances can survive a pandemic