Americans will be getting a second stimulus payment for Christmas after all, with lawmakers reaching an agreement over the weekend for a $900 billion pandemic rescue package.
In addition to providing enhanced weekly unemployment benefits, small business loans and funding to help with vaccine distribution, the latest relief package also provides for a second round of stimulus payments — up to $600 per individual.
That's about half of the $1,200 maximum stimulus per person provided by the Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act.
As for who's getting a check, it's based on income. Individuals making less than $75,000 and couples earning less than $150,000 will receive the full $600 amount ($1,200 per couple). But those with a 2019 adjusted gross income higher than that will get less. Stimulus payments will decrease by $5 for every $100 in income over those thresholds, phasing out completely for individuals earning over $87,000 and couples earning $174,000.
And while the relief package does also provide a $600 stimulus payment for dependents, it's only for children under age 17. Earlier reports noted that lawmakers had discussed including stimulus payments for adult dependents, including college students, but those provisions did not make it into the final bill.
That leaves about 13.5 million adult dependents, the majority of which are students, without a stimulus payment, according to an analysis of the Census Bureau's Current Population Survey by the People's Policy Project think tank.
Lawmakers are expected to vote to approve the pandemic rescue package on Monday, and Treasury Secretary Steven Mnuchin says the turnaround process to send out the payments will be very quick this time.
Money Report
"People are going to see this money at the beginning of next week," Mnuchin told CNBC host Jim Cramer on Monday.
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