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Second round of stimulus checks coming soon

Many Americans are set to benefit from the second round of stimulus checks included in the $900 billion COVID-19 pandemic relief bill President Donald Trump signed into law Sunday.

Thresholds based on 2019 tax returns are in place to determine who will receive a stimulus check, and how much money they will get.

Congress is currently voting on a measure that would increase stimulus payments to as much as $2,000 per person. As of now, Individuals who earned up to $75,000 will receive a $600 check; couples who filed jointly and earned up to $150,000 will receive $1,200. Those who exceed those income thresholds will receive smaller payments. Individuals who earned more than $87,000, or couple filing jointly who earned more than $174,000, won’t receive a stimulus check.

Parents who meet the stimulus check requirements will also receive $600 per dependent under the age of 17. Adult dependents don’t qualify for stimulus checks, which means many college students won’t receive one.

In an interview last week on CNBC, U.S. Treasury Secretary Steven Mnuchin said the stimulus payments could land in bank accounts in as little as a week. Individuals who have their direct deposit information on file with the IRS will be among the first to receive their payments. Those who choose to receive a paper check or pre-paid debit card will have a longer wait. Individuals can check their payment status and change their check payment method on the IRS’ Economic Impact Payments webpage.

Upon signing the relief bill, Trump said in a statement that he still wants the stimulus checks to be larger.

“As President, I have told Congress that I want far less wasteful spending and more money going to the American people in the form of $2,000 checks per adult and $600 per child,” Trump said.

The U.S. House on Monday approved a bill to increase the stimulus checks to $2,000 per person. As of Tuesday afternoon, it was unclear if or when Senate Majority Leader Mitch McConnell would bring that bill to the Senate floor.