What's Inside Your Stimulus Check and Everything You Need to Know

(Photo : Pexels: Karolina Grabowska)

Finally, a new relief for millions of Americans facing financial distress since the coronavirus pandemic is on the way as the congressional leaders agreed to provide a $600 stimulus check payment to most Americans and partly reinstate the enhanced federal unemployment benefit offering $300 for 11 weeks.

The stimulus package is the governments' action to stimulate the economy and save the country from a financial crisis. It is not complete yet, but along with a few other relief measures, it will deliver temporary financial relief assistance to many. How swiftly the stimulus check reaches will depend on numerous factors.

Here's what you need to know about your stimulus checks.

Am I qualified for another stimulus check?

Citizens making up to $75,000 a year will get $600 payment, and a couple earning up to $150,000 a year would get twice. Each dependent child will get $600, which you will collect on their behalf.

When and how will we receive the stimulus check?

The first relief arrived via direct deposit roughly two weeks after the legislation passed, the same with this new dose. However, it took months for some to receive their money.

What if I still haven't received my previous stimulus payment or only got part of it?

When you file your 2020 tax return you can claim it as a "recovery rebate credit." Visit the Internal Revenue Service webpage for more details.

How about my older children, who are still dependent on me?

If they are more than 17 years older, they will not be eligible for a stimulus check.

What about unemployment insurance?

Lawmakers had agreed to extend the amount of time that people can receive unemployment benefits, but it would only be $300 a week until March 14, 2021.

How will the extension work?

All unemployment beneficiaries, including people receiving state-level benefits, will receive an extra 11 weeks with their stimulus checks scheduled to run out on December 26. The same applies to individuals receiving stimulus checks through the Pandemic Unemployment Assistance program, which covers the self-employed, gig workers, part-timers who are typically ineligible for regular unemployment benefits.

Previously, states paid unemployment benefits for 26 weeks. Some offer less. The CARES Act extended it by 13 weeks. This latest package will cover 11 more weeks, making the full extension 24 weeks for recipients of state benefits or pandemic unemployment assistance. Check if your state also offers its extended benefit as it usually lasts for half the length of the state's standard benefit period, even longer in some places.

Will there be an increase in unemployment benefits?

All recipients of unemployment benefits stimulus checks will also get an extra payment of $300 weekly. The Pandemic Emergency Unemployment Compensation benefit stimulus checks will be paid for 11 weeks, beginning January 2021 until March 14.

Will there be any changes?

According to a Senate aide, the program also provides an extra $100 weekly benefit to individuals who have earned at least $5,000 a year as self-employment income but are not qualified under Pandemic Unemployment Assistance benefit because they are eligible for state unemployment benefits.