When could you get your $600 COVID stimulus payment? Here’s what to know

Most Americans are set to receive a second round of stimulus checks as a part of the coronavirus relief deal passed by Congress late Monday night.

The $900 billion package comes about 10 months after the first stimulus deal was reached — following numerous delays and debates among congressional leaders about what the legislation would contain. The aid package includes direct payments for millions of Americans but is less generous than the $2 trillion CARES Act, which provided $1,200 payments for individuals who made up to $75,000.

People will receive $600 stimulus checks based on income, according to the Democratic overview of the plan obtained by McClatchy News. Individuals making up to $75,000 a year will receive $600 and married couples making up to $150,000 will get $1,200, with an additional $600 per child dependent under age 17.

And what if Americans exceed that income threshold? They will “receive a partial payment that declines by $5 for every $100 in income” over the limit, according to The New York Times.

The package also expands stimulus checks to include households with mixed immigration status, meaning some immigrant families will be able to receive payments.

Treasury Secretary Steven Mnuchin told CNBC Monday that stimulus checks could arrive as early as next week.

“The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week,” Mnuchin told CNBC.

“So it’s very fast, it’s money that gets recirculated in the economy,” he continued. “People go out and spend this money, and that helps small business and that helps getting more people back to work.”

But other experts say it could take longer before Americans can get their hands on financial relief.

“The timing could be more challenging this time, but the IRS could likely begin to get the money out in January,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, according to CNN.

Those whose bank information the IRS has on file will most likely get their payment first because it will go directly to their account — while others will need to wait for paper checks or prepaid cards to arrive in the mail, CNN reported.

Nearly 90 million people got their stimulus checks during the first three weeks of April after the CARES Act was signed in March and the majority of people had their checks within two months, according to the publication.

How to know if you’re eligible

You’re eligible for a stimulus payment if you have previously filed a tax return, are a disability or Social Security beneficiary or a veteran with disabilities, NBC News reported. Unlike last time, when households were excluded if one or more people had Social Security numbers while others didn’t, stimulus checks will be sent to anyone who has a Social Security number in that household.

If you’re a college student and your parents claimed you as a dependent on their tax returns, you won’t be eligible for a payment. But if you’ve been filing tax returns and are independent of your family, you may still qualify for a stimulus check, according to the IRS.

This story was originally published December 22, 2020 at 7:48 AM with the headline "When could you get your $600 COVID stimulus payment? Here’s what to know."