Late 2020 COVID Relief Bill
On December 22, 2020, Congress passed a second round of stimulus to help Americans during the pandemic. The biggest part is a second round of stimulus checks that will go out to most Americans in the coming weeks.
Similar to the CARES Act that was passed in March 2020, this recent bill will provide individuals with a direct payment. There will be direct payments of $600 to most Americans as well as $600 payments for each child in a family. These payments will be sent the same way as the first round of stimulus checks, either as a direct deposit or as a mailed check. This IRS site will allow you to see your payment type and status.
How much will I get?
The amount you will get is based on your Adjusted Gross Income (AGI) from your last tax filing (on your tax return Form 1040).
- Individual: $600 if your AGI is up to $75,000
- Head of Household: $600 if your AGI is up to $112,500
- Joint Return: $1,200 (per couple) if your joint AGI is up to $150,000
- Per Child: $600 additional payment per qualifying child
How will I get it?
If you authorized a direct deposit account on your 2018 or 2019 tax filing, the funds will be electronically sent to your account. If you did not have a direct deposit account authorized, a check will be sent to the address on your tax filing (or last known address).
This IRS site will allow you to see your payment type and status.
If you did not file a tax return in 2018 or 2019 you may enter your payment information here.
This recent bill also includes a $300 per week Federal unemployment supplement for 11 weeks of unemployment, starting after Dec. 26 and through March 14.
Unfortunately, this bill does not extend the Cares Act Student Loan forbearance program, which is set to expire on January 31st.
Self-employed people can also continue to claim the tax credit created under the CARES Act to cover sick time due to Covid-19 related illness through March 2021. You can read more about that in our Sick Time and Family Leave section.