A lot of citizens are asking will there be a second Stimulus check. Americans have been receiving Stimulus checks which was an effort by the government to reduce the financial toll of coronavirus. So people are getting one-time cash payments of $1200 and married couples are getting $2400 plus an extra of $500 if there are kids younger than seventeen. But in some cases, the financial situation of a person may have changed since the last paid tax and the economic impact payment will not be enough.
Will there Be a Second Stimulus Check
The Payment is based on your 2019 or 2018 tax filing so if you had a recent drop in your economy like you lost your job or just had a baby you will not qualify for immediate relief.
President Donald Trump signed a relief package of $484 billion into law but it did not include a second Stimulus check for individuals and families. As for now, there is no plan for more checks to be released but it is being pushed by lawmakers.
Representatives introduced a bill called the emergency money for the people act and the plan proposes that the pay citizen who are 16 and older a sum of $2000 monthly for at least six months. The plan allows the money to be sent through Venmo, Zella, and others. For whether there will be another Stimulus check there is no news about it yet.
The IRS Get My Payment Tool
Paper checks will start being sent in early May to those who did not get theirs through direct deposit. The process will take as long as 20 weeks as the has the capacity to issue about 5 million checks a week. To get my payment tool serves several functions and here are some of those functions.
- If you have not yet received your Stimulus payment you can check the status of your and you will know approximately when it will reach your bank account or be mailed to you.
- If you filed your tax in 2019 or in 2018 and did not provide your direct deposit information which means you either choose to receive your tax as a check or did not get a refund at all. With this tool, you will be to share this information with the IRS if you want to.
- If your payment has not been issued then using this tool you can choose to either receive it by direct deposit or by check. Note that direct deposit is faster.
You can do all this stared above with this tool.
What to Do if You Did not File a Tax Return
If you did not file a tax return and you are worried that the Stimulus check may not reach then visit the IRS get my payment tool to input your details immediately. Social security beneficiaries does not need to do anything for the most part before to get their payment. Except beneficiaries with children or new beneficiaries in 2020. Social securities will relieve their payment the same way their social security benefits are paid.