Congress finally appears to have reached a deal on a second coronavirus relief package. Included in the deal is another round of direct payments to the public, though the amount will be roughly half of that received from the first CARES Act passed in March during the early days of the COVID-19 pandemic.
The new round of stimulus checks will be up to $600 for individuals and $1,200 for married couples with the same income limits as the previous round. Singles earning less than $75,000 or couples earning less than $150,000 will receive the full amounts, with checks being reduced based on income above those levels. It is unclear if dependents will also receive a $600 check, as reported by the Washington Post.
Payments are expected to be delivered in the same order and via the same methods as the previous check, with people who have direct deposit information set up with the IRS receiving their money first with electronic transfers to their accounts. The second wave of payments will be paper checks to those without direct deposit information on file.
The deal, which was struck on Sunday and still needs to be passed by the Senate and House, would also include funds for small business loans, vaccines, schools, and $25 billion in rental assistance (as well as an extension of the eviction moratorium).