House Approves $2000 Stimulus, Bill Now Up to the Senate to Pass

The second stimulus check talks went back and forth, seemingly aiming more at political parties gaining control than providing some relief to citizens. Months into the talks, and as threats of a government shutdown loomed they came to an agreement. The agreement was expected to be signed by President Trump, who threatened to veto the bill. “I simply want to get our great people $2000, rather than the measly $600 that is now in the bill,” tweeted President Trump. “Also, stop the billions of dollars in “pork”.”

President Trump reluctantly signed it with the stipulation of the House voting to increase the payments for individuals from $600 to $2000.  The House on Monday, December 28, 2020, passed the $2000 stimulus checks, however the largely GOP senate is left to pass it when in the past they have spoken out against a much smaller $1200 payment.

Simply explained:

* Payments of $600 per person, including dependent children under 17 will begin going out this week, There is no limit on the amount of children for the second stimulus payment

*Most households will begin seeing the direct-deposit payments early next week. Those not getting direct-deposits, will see their payments later, depending on the form of payment.

*Individuals making $75,000 or couples filing jointly making $150,00 will receive $600 per person. Those making $87,000 individually or $174,000 combined will not receive a payment.

*If Congress approves the $2000 per person payment, households will receive an additional payment once approved.

* Stimulus payments are non-taxable and will not affect your tax refund or what you owe when you file your 2020 taxes. These funds do not count as income for any federal government assistance.

*Unemployment compensation, including any special compensation relating to the Coronavirus Aid, is taxable and must be reported when filing taxes. 

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