After months of negotiations, lawmakers have finally agreed on a deal to provide more coronavirus relief — including a second stimulus check. The next payment will be smaller than the first one, though.
While the CARES Act authorized a payment of $1,200 per adult and $500 per eligible dependent, the next relief bill provides payments worth up to $600 per adult and child dependent.
The income limits will likely be the same as they were under the CARES Act, with eligibility beginning to phase out with an income above $75,000 for single filers or $150,000 for married filers, with those who earn over $99,000 or $198,000 receiving no payments.
If you're in line to get a check, the big question on your mind is probably when the money will hit your bank account. Here's what you need to know about the likely schedule.
When will you get your second coronavirus stimulus check?
Once the president's signature is on a bill authorizing the next COVID-19 payment, the IRS will again be tasked with distributing the money to millions of Americans.
When the CARES Act authorized the first stimulus payments, it took the agency approximately three weeks to begin depositing payments into people's bank accounts. While the law was signed by the president on March 27, payments began appearing in bank accounts on April 15 and most people received their money within two weeks of that date if the IRS had their bank information.
However, the IRS has already done much of the work necessary to be ready to send out the second payment. As a result, when lawmakers were discussing stimulus funds back in August, Treasury Secretary Steve Mnuchin indicated the first batch of payments — as many as 50 million of them — could be sent out within a week of legislation authorizing them.
If the president signs a coronavirus stimulus bill the week of Dec. 21, the Christmas holiday will likely slow up the delivery of payments slightly. Still, the IRS is likely to begin processing them quickly.
If the IRS has your bank information on file either from your 2019 tax returns or because you provided it to receive the first check, chances are good you'll be among the first group to receive your money this time. With Mnuchin indicating millions of payments could be sent within a week, there's a very good chance your money will be in your account starting the week of Jan. 4.
Those likely to receive money in the first batch of payments include Social Security beneficiaries who gave their information to the IRS. This group of Americans got their checks in the first week last time, and would likely be on track to do so again.
If you'll be receiving a paper check, things will take longer. Last time, the IRS began sending paper checks a week after distributing payments via direct deposit. That means checks could start to come as early as the week of Jan. 11 if it follows the same schedule.
The agency can process around five million to seven million checks per week. However, the IRS prioritized payments to lower-income taxpayers when sending checks last time, and will likely do the same with this round. You'll likely get a payment via mail sometime in mid- to late January or early February if your income is higher.
Those who received payments via EIP debit cards will also get their money later. These debit cards were sent around a month after direct deposits began last time and they also went out at a rate of around five million to seven million per week. If you're going to receive your payment this way, you can expect it to come around the week of Feb. 8 or later.
There's a good chance this stimulus check will be the last one, as lawmakers may be unwilling to provide more coronavirus money once the vaccine becomes more widely available. You should use the funds as wisely as possible, which could include investing the money if you don't need it to cover immediate costs.
RELATED: Here's what is in the $900 billion COVID-19 relief, wrap-up bills
Intro
Congressional leaders have hashed out a massive, year-end catchall bill that combines $900 billion in COVID-19 aid with a $1.4 trillion omnibus spending bill and reams of other unfinished legislation on taxes, energy, education and health care. President Trump unexpectedly signed the bill Sunday, Dec. 20.
Direct economic relief ($286 billion)
Unemployment insurance ($120 billion). Revives supplemental federal pandemic unemployment benefits but at $300 per week — through March 14 — instead of the $600 per week benefit that expired in July. Extends special pandemic benefits for "gig" workers and extends the maximum period for state-paid jobless benefits to 50 weeks.
Direct payments ($166 billion). Provides $600 direct payments to individuals making up to $75,000 per year and couples making $150,000 per year — with payments phased out for higher incomes —- with $600 additional payments per dependent child.
Small business ($325 billion)
Paycheck Protection Program ($284 billion). Revives the Paycheck Protection Program, which provides forgivable loans to qualified businesses. Especially hard-hit businesses that received PPP grants would be eligible for a second round. Ensures that PPP subsidies are not taxed.
Vaccine, testing, health care providers ($69 billion)
Delivers more than $30 billion for procurement of vaccines and treatments, distribution funds for states, and a strategic stockpile. Adds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health.
Schools ($82 billion)
Delivers $54 billion to public K-12 schools affected by the pandemic and $23 billion for colleges and universities; $4 billion would be awarded to a Governors Emergency Education Relief Fund; nearly $1 billion for Native American schools.
Rental assistance ($25 billion)
Provides money for a first-ever federal rental assistance program; funds to be distributed by state and local governments to help people who have fallen behind on their rent and may be facing eviction.
Food/farm aid ($26 billion)
Increases food stamp benefits by 15% and provides funding to food banks, Meals on Wheels and other food aid. Provides an equal amount ($13 billion) in aid to farmers and ranchers.
Child care ($10 billion)
Provides $10 billion to the Child Care Development Block Grant to help families with child care costs and help providers cover increased operating costs.
Postal Service ($10 billion)
Forgives a $10 billion loan to the Postal Service provided in earlier relief legislation.
Surprise medical bills
Contains bipartisan legislation to protect consumers from huge surprise medical bills after receiving treatment from out-of-network providers.
Tax 'extenders'
Extends a variety of expiring tax breaks, including lower excise taxes of crafter brewers and distillers. Renewable energy sources would see tax breaks extended, as would motorsport facilities, and people making charitable contributions. Business meals would be 100% deductible through 2022.
Water projects
Includes an almost 400-page water resources bill that targets $10 billion for 46 Army Corps of Engineers flood control, environmental and coastal protection projects.
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