Trump signed the coronavirus aid bill with $600 stimulus payment. When will you get it?
President Donald Trump signed a $2.3 trillion coronavirus relief and government funding bill Sunday night, meaning stimulus payments are coming to Americans soon.
The bill, which included $900 billion in measures meant to help with the coronavirus pandemic, directed $600 stimulus payments to single people making $75,000 and less, or $1,200 to married couples making $150,000 or less. Partial payments will go to single people who make up to $87,000 and couples who earn up to $174,000.
Heads of household are eligible for the full $600 payment up to an income of $112,500.
Families will also see an additional $600 stimulus payment for most dependent children under age 17.
Treasury Secretary Steven Mnuchin said these checks will come more quickly than March’s stimulus money for people who used direct deposit.
“Let me emphasize: People are going to see this money at the beginning of next week,” Mnuchin told CNBC host Jim Cramer on Dec. 21.
Trump’s delay in signing the legislation that Congress sent to him on Dec. 22 puts that timeline into question, but deposits are still on track to land in bank accounts in the next two weeks. Trump initially refused to sign the bill, saying he wanted larger stimulus checks and he wanted cuts to parts of the government funding bill, but reversed course and signed it on Sunday.
Those who need to receive a physical check will likely have to wait a while again. The Treasury can only deliver between 5 and 7 million stimulus checks per week, according to the Government Accountability Office.
If you still haven’t received your first stimulus check even though you’re eligible for both payments, you can file for a recovery rebate credit when you fill out your 2020 taxes. That will allow you to get the money either through tax breaks on the amount you have to pay or through a tax refund.
A spokesman for the Internal Revenue Service referred questions about the stimulus payments to the U.S. Treasury. Officials at the Treasury did not respond to questions.
This story was originally published December 28, 2020 at 10:22 AM.
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