Coronavirus Relief Package: Who Gets a Stimulus Check?
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What relief measures are included in the $900 billion coronavirus aid package?
Here's your money briefing for Tuesday, December 22nd. I'm J.R. Whalen for The Wall Street Journal. The new $900 billion coronavirus relief package includes a range of measures to help the country through the pandemic. Among them, a second round of stimulus payments for American households.
Treasury Secretary Steven Mnuchin said that we should start seeing payments in bank accounts early next week, but it seems like this is on track to happen relatively quickly, even faster than last time.
Coming up, our tax reporter Richard Rubin will explain what's changed since the last round of checks went out. Plus, our reporter Andrew Duren will take us through the parts of the aid package benefiting unemployed workers and those facing possible eviction. That's after the break.
U.S. households, along with jobless Americans and renters struggling to make payments, are all in line for some relief in the new $900 billion coronavirus aid package. We'll talk about unemployment and rental assistance with our reporter Andrew Duren later in the show. But first, let's bring in our tax reporter Richard Rubin for more on the new round of direct payments that come with the package. Richard, thanks for being with us.
Who is eligible for the second round of $600 stimulus payments and what are the income limits?
Happy to do it. So first of all, who's in line to get a check this time?
So the checks are going to largely the same group as got checks the first time around in the spring. There's some slight changes in eligibility, but the basics are the same. It's anyone who's got income for an individual up to $75,000 gets the full payment. For married couples, $150,000. You have to have a social security number. Children are eligible, but there are no payments for non-child dependents.
How are mixed‑status families and dependents treated under the new stimulus rules?
So think college students or elderly adults who are dependents. You can get a payment even if you have no income or if you have Social Security or veterans benefits or any of those kinds of things, you're eligible. The one big eligibility change is what we call mixed status families. So you're a household where... One spouse has a Social Security number and the other spouse is maybe an unauthorized immigrant and doesn't have a Social Security number. In the first round, they were ineligible, and this time they are, and they're actually retroactively eligible for the payment just for the one spouse and any children who have Social Security numbers.
So you report the stimulus checks could go out next week. That seems like a faster turnaround than the last time, right?
Yeah, and some of that is because of the work they did last time. They have the file, basically the computer file, to load up with the right number, $600 per adult, $600 per child, and send the money to bank accounts. And they've got more bank account information than they had in the spring because of people who... don't typically file tax returns but updated their information with the IRS. And so Treasury Secretary Steven Mnuchin said that we should start seeing payments in bank accounts early next week. But it seems like this is on track to happen relatively quickly, even faster than last time.
When will stimulus payments be sent and what happens if you need a paper check?
Now, how about people who prefer to receive a paper check?
So they would get it a little bit later. We're still trying to figure out exactly how long that would take. The legislative text of the bill seems to suggest that payments will be done by January 15th, and then anyone who hasn't received one by then basically can claim it as part of their 2020 tax return. So that's one thing that we're kind of looking for some additional clarity on as we go forward here is exactly how this would work. For people who might need a paper check, it might be that you just end up getting it as part of your tax return.
Okay, so you report the checks are based on household data from 2019, but what if someone's family size has changed since the last checks went out in the spring?
So that's where the fact that it all gets reconciled on the 2020 tax return is important, but it's one one way reconciling. So if you had a child, anytime in 2020, they wouldn't have been reflected on the first payment or the second one.
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Chapters
7 chapters
1
What relief measures are included in the $900 billion coronavirus aid package?
0:05–1:17
2
Who is eligible for the second round of $600 stimulus payments and what are the income limits?
1:17–1:44
3
How are mixed‑status families and dependents treated under the new stimulus rules?
1:44–3:04
4
When will stimulus payments be sent and what happens if you need a paper check?
3:04–4:45
5
How will changes in 2020 household size or income affect your final stimulus amount?
4:45–5:58
6
What unemployment benefits does the package provide and how long will they last?
5:58–6:51
7
How does the bill address renters facing eviction and what rental assistance is available?
6:51–7:09
Speakers
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