Second Stimulus Check Update: Who Will Receive it, How Much and When?

After a prolonged stalemate Congressional figureheads have finally agreed upon a new COVID relief package that includes a second round of stimulus checks.

Congress pushed through another stopgap funding measure on Sunday to avoid a federal government shutdown and a vote on the latest COVID-19 stimulus deal is expected on Monday in both chambers.

The bill is set to include roughly $900 billion of spending. As well as more checks it includes extended unemployment support and more money for small businesses through the Paycheck Protection Program.

Below, Newsweek looks at the details surrounding another round of stimulus checks and some of the pertinent questions being asked.

Who Gets a Second Stimulus Check?

The Associated Press reports that the stimulus checks will be subject to the same income limits as the CARES Act payments were. The Washington Post also reported that the income criteria is set to reflect that of the first round.

This saw individuals earning up to $75,000 receiving the full amount. The upper income limit for couples filing tax returns together was $150,000.

The check amount was then phased down for individuals earning up to $99,000 or couples up to $198,000. Those with incomes above those caps did not receive any stimulus payment.

It has not been detailed how the payments would phase out incrementally for those in the upper end of the eligibility bracket this time out. The payments are lower than the $1,200 checks distributed last time, so the slide in payments may alter to reflect this.

How Much Will I Get in the Second Stimulus Check?

The top amount for an individual to receive in a direct stimulus payment under the forthcoming proposals is $600.

A statement from House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) also detailed families will receive payments up to $600 per child.

It has not been detailed how payments will be phased out for those at the upper end of the eligibility scale, who will still receive funds but at a reduced amount.

When Will I Get a Second Stimulus Check?

In March, a substantial amount of payments were sent within two weeks.

According to a Government Accountability Office report, the Internal Revenue Service distributed 81 million payments through electronic bank transfers within two weeks of the CARES Act being enacted.

As of May 31, 160.4 million payments had been distributed. Those whose details were not on file and the IRS could not directly send funds to saw their payments take longer to arrive.

Chad Hooper, national president of the Professional Managers Association (PMA), which represents managers at the IRS, previously told Newsweek payments for a second round of checks could run more smoothly, due to work carried out for the first.

If eligibility requirements were the same or similar then "should there be subsequent rounds of stimulus, the agency could get out all of the payments more rapidly," Hooper had said.

Speaking to Newsweek in June, he said: "Under the CARES Act program, the agency was able to issue direct deposits in fewer than four weeks – because of how the agency's aging mainframe functions, it is our understanding that the most rapidly a check could be issued is roughly 2-3 weeks so I would expect to see payments issued within 4 weeks.

"Because the Treasury recently chose to issue debit cards to unbanked taxpayers or taxpayers for whom we do not have banking information, this is another population of taxpayers for whom we would have direct deposit information and will only help the agency to issue subsequent payments more rapidly."

Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, told CNN the timing could potentially be "more challenging" for this round "but the IRS could likely begin to get the money out in January."

Newsweek has contacted the IRS for comment on how long it thinks it might take to distribute another round of stimulus payments.

The Congressional leaders involved in the latest talks have also been contacted for further comment on the stimulus checks.

health care worker wearing mask new york
A healthcare worker wearing a mask sits in Washington Square Park during light snow on December 16, 2020 in New York City. A further relief package has been agreed by Congressional leaders amid the ongoing COVID-19 pandemic. Alexi Rosenfeld/Getty Images