During the period of the coronavirus pandemic, many US citizens have been left out of work and are receiving their stimulus checks. The stimulus check is a tax credit check, reducing your tax bill on a dollar-for-dollar basis. The IRS has been providing payments to the most vulnerable individuals and families to support them financially as a $1,200 stimulus check a month. Democrats have proposed a $2,000 stimulus check a month until employment returns to pre-crisis level, as the previous amount check isn’t enough. Here is the information you need to know about the $2,000 stimulus check.
New Legislation
Two House Democrats have proposed new legislation to give US citizens $2,000 per month during the pandemic. This legislation has been proposed as the CARES ACT, which has been passed last month. (Under which a stimulus check of $1,200 a month was promised to the citizens) It was argued that $1,200 a month isn’t going to be enough to cover average living costs. The new bill, which is named The Emergency Money for The People Act, has been proposed to provide a $2,000 stimulus check a month to millions of Americans. The Democrat Senators have also proposed to cancel the rent and mortgage payments under the title Cancel Rent and Mortgage Payments Through the Coronavirus Emergency.
What is a $2,000 stimulus check?
- The Americans who are unemployed are eligible for the stimulus check.
- The citizens would receive the check for at least six months.
- The monthly checks will be provided until the employment rate is greater than 60% for people ages 16 and older.
- Monthly cash payments will not be considered as income.
- It would not affect any income-based federal or state assistance program.
- The currently unemployed citizens would receive the cash payments even if they didn’t file a tax return.
- There is another proposal made by senators called Monthly Income Crisis Support Act, as a rebate program that will provide monthly payments to those who are eligible.
Eligibility for $2,000 Stimulus Check
- Every American citizen who has been earning less than $130,000 annually would receive $2,000 a month.
- Married couples who have been earning less than $260,000 a year would receive $4,000 per month.
- Families who are qualified would receive an additional amount of $500 per child for up to three children.
- College students and adults with disabilities would receive payments even if they are dependents on someone else’s taxes.
How would it work?
The payments are to be received by citizens until three months after the pandemic emergency is declared over. Some citizens would receive lesser payments depending upon their levels of income. There would be payments made by direct deposit with the assumption that the IRS has a person’s information on the file. There are cases where card payments and online payments are also in use. The $2,000 stimulus check would be a financial relief for unemployed citizens who are struggling during this period of a pandemic.
