Last week we spent some time speculating on the long-awaited second stimulus package reportedly nearing the end of negotiations. As of late last week, although Congressional leaders said they were all but finished finalizing the legislation, we really didn’t know for certain what the bill contained. Sources close to the process seemed confident that despite earlier apprehensions about direct payments, it looked likely checks were back in the mix.
On Sunday, legislators officially rolled out the second stimulus plan.
The legislation offers a wide range of help, both for individuals and for struggling elements of the economy, from mass transit to movie theaters.
At $900 billion, it is the second largest in United States’ history.
The whopping 5,600-page bill is loaded with a variety of relief measures for individuals and employers, but what most people wanted to know was whether or not they’d receive a second round of stimulus checks.
We now know the answer to that is YES.
Provided you fall below the income thresholds to receive the full payment, inviduals are entitled to $600 payments and couples filing jointly will receive up to $1,200. This is half the amount of the relief checks issued under the CARES Act.
To answer the big question our community has: YES, Social Security beneficiaries are absolutely entitled to these stimulus payments.
The amount retirees can receive under this second stimulus package will be determined by the same income rules governing all other Americans. Beneficiaries earning $75,000 or less will receive the full $600 payment ($150,000 for couples filing jointly).
Payments will be gradually phased out until reaching a $87,000 threshold for single filers ($174,000 for joint-filing couples). These individuals will not be eligible for the stimulus payment.
It is possible these checks could start hitting the mail as soon as the week of January 4.