Home » Economy » Are you eligible for a second stimulus check? These are the income limits
Are you eligible for a second stimulus check? These are the income limits
Stimulus deal includes extended PPP, funding for vaccine distribution: Rep. Dan Meuser
Rep. Dan Meuser. R-Penn., provides insight into what the stimulus deal will include and when it will most likely be voted on.
After months of stalled negotiations, Congress on Monday night overwhelmingly passed a $900 billion coronavirus relief package, sending much-awaited aid to millions of Americans still reeling from the pandemic.
Continue Reading Below
The stimulus measure, which was attached to the $1.4 trillion government spending bill, includes a fresh round of stimulus checks, an extension of unemployment benefits and more funding for the Paycheck Protection Program.
The $600 stimulus checks are not only half the size of the $1,200 payments sent out earlier this year with the passage of the March CARES Act, but the eligibility formula to receive the money is less generous than the first round.
SECOND STIMULUS CHECK CALCULATOR: HOW MUCH MONEY WILL YOU RECEIVE?
American adults who earned less than $75,000 in 2019 will receive the full $600 check, while couples who earned less than $150,000 will receive $1,200. The payments will be tapered for higher-earners (5% of the amount by which their adjusted gross incomes exceeded the initial threshold) and phased out completely for individuals who earn more than $87,000 and couples who earn more than $174,000.
The income threshold under the CARES Act legislation was higher: Individuals who earned less than $99,000 were eligible to receive the money, while couples who earned less than $198,000 would receive a check.