Congress agrees to $900 billion Covid-19 relief package — Here's what's in it

Republicans and Democrats in Congress and the Senate have finally managed to reach a deal to provide more pandemic relief for American citizens and businesses. Here's what's in it. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

After months of failed negotiations, lawmakers have finally agreed to a new $900 billion coronavirus relief package.

Congressional leaders have not yet released text of the more than $2 trillion legislation — which will include broader government spending measures — but the pandemic recovery bill was set to include direct payments of up to $600 to eligible adults, plus $600 per child dependent.

While the adult benefit would be half the size of the first stimulus check, the amount earmarked for qualifying dependents was raised by $100.

Wondering whether you qualify? Here’s what you need to know.

Who’s eligible

Under the new Covid relief package, at the full benefit amount, a family of four could potentially receive $2,400, though the income criteria for the second stimulus check have not yet been released.

However, if it follows the same structure as the March CARES Act, those qualifying for a full stimulus payment include individuals earning up to $75,000, or $112,500 as head of household and $150,000 as a married couple filing jointly. For every $100 earned over these income thresholds, payments are reduced by $5, up to a specified maximum income.

However, it is worth noting that the CARES Act checks were worth twice as much, so it is not yet clear how the $600 checks will be phased out.

When you’ll get it

First in line will likely be individuals who already have their direct payment information on file with the IRS.

Within two weeks of the CARES Act going into effect in March, more than 81 million payments were disbursed, totaling more than $147 billion, all through electronic transfers to recipients’ bank accounts, according to the Government Accountability Office.

“I was surprised last spring at how rapidly the Treasury Department was able to roll out the economic impact payments,” said Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center.

Treasury Secretary Steven Mnuchin has already promised a similarly aggressive timeline, saying that he could start processing checks as soon as the legislation passes.

“I can get out 50 million payments really quickly. A lot of it into people’s direct accounts,” Mnuchin previously said in August.

That includes those who signed up to receive a refund by direct deposit when filing their 2018 and/or 2019 taxes, and it may also extend to the 14 million people who previously registered their details via two new online tools the IRS built this spring to collect banking and contact information.

The Treasury did not respond to CNBC’s request for comment as to whether previously captured banking information would be reused, should there be a second round of stimulus checks.

If the qualifications for compensation remain the same as those outlined in the CARES Act, many individuals who receive Social Security or Supplemental Security Income (SSI) benefits will also be eligible for full rebates.

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