There has been much talk around Washington D.C. about what the next round of coronavirus relief should look like. One topic that is likely to be included the next bill could be another $1,200 payment. How much can you get from the 2nd stimulus payment?
The latest bill called the Health, Economic, Assistance, Liability Protections and Schools Act is expected to include another round of stimulus that is similar to the previous stimulus payments many people received. Here is how it breaks down.
- Qualifying individuals who earn a gross adjusted income of up to $75,000 and couples earning $150,000 would receive the full $1,200 or $2,400 payments, respectively
- Individuals over the threshold will receive payments reduced by $5 for every $100 in income and phased out entirely at $99,000 and $198,000.
- Families with dependents would receive an extra $500.
- There is still no word on if the number of dependents will be capped (for example the max for receiving payment would be 3 dependents).
So if the bill get passed, a married couple with two children could receive up to $3,400.
How will we get payments in Georgia?
Payments should be distributed the same way that the last round was sent out. So if you received yours via direct deposit, the new stimulus payment would get deposited into the same account.
When will we get payments in Savannah?
If the legislation passes both the House and the Senate, President Trump could sign the bill early August, meaning payments would start being sent out towards the end of August.
If you are curious about what your payment will be, you can check out this free calculator from Omni.