Trump Approves COVID Relief: When Will You Get Stimulus Payment?
Over the weekend President Trump officially signed off on the next COVID relief package, which will once include direct payments to Americans. Find out when you will see that payment and how much you will receive.
It is hard to believe after months of back and forth and indecision, but the next COVID relief deal is officially a go. According to a Forbes report, President Trump signed it into law Sunday. So what does this mean to you?
As far as direct stimulus payments, Forbes says $600 will be sent to all American's with an income cap of $75,000 for single individuals and $150,000 for married couples who file jointly. There will also be $600 payments to families for each child under the age of 17. For those making more than the $75,000/$150,000 the payments will be reduced based on income until they are completely phased out. To determine how much your payment will be, you can use the Forbes calculator here.
Now the other big question: when will Americans receive the payments? As of last Monday, the Forbes report says federal officials were targeting this week for payments to start, but one has to wonder if that will now be delayed as the bill only became law over the weekend. One would guess payments should start showing up in accounts hopefully as soon as next week. At this point, based on how long it took for the deal to get wrapped up, one can only wonder how timely these payments will be. For anyone expecting a check, they will believe it when they see it!
Regardless of timing, more relief is finally on the way for Americans as well as more unemployment benefits for those who are out of work. Let's hope as we head into the New Year, this is the last relief deal the US needs to bridge the gap to the end of the pandemic. With the arrival of the COVID vaccines and new hope for 2021, it seems like all signs are pointing to a much better year for all of us!
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