President Donald Trump signed off on a six hundred dollar stimulus check. This will give the American people a second-round of much needed financial relief. President Donald Trump released a statement saying “The Senate would start the process for voting to increase the stimulus checks to $2000.” The house plans to start the voting process to increase the second stimulus check to $2000.

Who is eligible for the second stimulus checks

As of right now, we know the current stimulus check is approved for six hundred dollars. Eligible adults will receive direct payments of $600 and additionally each qualifying child dependent will also receive $600 each. For example, a family of four receiving the maximum payment could receive a total of $2400.

Who is qualified for the maximum stimulus Payment

The maximum stimulus payment will include individuals earning up to $75,000 in adjusted gross income. It will also include head of households making $112,500 or more. Married couple filing jointly will not be able to qualify if they make more than $150,000. Income will be based on 2019 tax returns.

Payment will be reduced for every $100 earned over these income thresholds by $5. For example, If a qualified individual’s gross income in 2019 is $76,500 he/she will receive a $525 stimulus check instead of $600.

Individuals whose gross income is $87, 000 and more or married couples filing jointly earning $174,000 or more will not receive a stimulus check.

When Will I Receive My Check

The time frame for receiving the second six hundred dollar stimulus is unclear but payment is expected to be faster than the first check. As of now, qualified individuals are guaranteed to receive a $600 stimulus check. While there is still a possibility of receiving a $2000 stimulus check.

Update

Joe Biden is currently securing money for the $2000 stimulus check. On Friday, January 8, he mentioned that he will be putting together a multi-trillion dollar package. This will increase the stimulus check to $2000.

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