Americans will nevertheless receive a second Christmas stimulus payment, with lawmakers reaching an agreement this weekend on a $900 billion pandemic bailout package.
In addition to providing improved weekly unemployment benefits, small business loans and financing to help with vaccine distribution, the latest aid package also provides for a second round of incentive payments — up to $600 per person.
That’s about half the maximum incentive of $1,200 per person provided by the Coronavirus Aid, Relief and Economic Security Act, otherwise known as the CARES Act.
As for who gets a check, it’s based on income. Individuals earning less than $75,000 and couples earning less than $150,000 will receive the full $600 ($1,200 per pair). But those with 2019 adjusted gross incomes higher than that get less. Incentive payments will decrease by $5 for every $100 in income above these thresholds, and will disappear completely for individuals earning more than $87,000 and couples earning $174,000.
And while the aid package also provides a $600 incentive payment for dependents, it’s only for children under 17. Previous reports said lawmakers had talked about including incentive payments for adult dependents, including students, but those provisions failed to make it into the final bill.
According to an analysis of the Census Bureau’s Current Population Survey by the think tank People’s Policy Project, about 13.5 million adult dependents, the majority of whom are students, remain with no incentive payment.
Lawmakers are expected to vote Monday to approve the pandemic rescue package, and Treasury Secretary Steven Mnuchin says the turnaround process to send the payments will be very quick this time around.
“People are going to see this money early next week,” Mnuchin told CNBC host Jim Cramer on Monday.
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