The $600 stimulus package is in the distribution process and many people await its arrival them as I type this sentence. However, President-Elect Joe Biden recently made a statement about a potential thrid stimulus package being sent out of the amount of $2,000 per person (based on certain qualifications). How? Well, the possibility of a third check is on the basis of a victory by Democrats Jon Ossoff and Rev. Raphael Warnock over Republican Sens. Kelly Loeffler and David Perdue in Tuesday's Georgia runoff elections.
Since Ossoff and Warnock were victorious, some attention can be shifted to this third stimulus package in question. Democrats now have control of the Senate, the House, and once Biden is inaugurated on Janurary 20, the Executive branch as well. This proposal was supported by not only Democrats, but by a number of Republican Senators as well. Due to the large support, the possibility of it coming to fruition is fairly good.
There are certain stipulations, as with the first round of checks. For one, you cannot be claimed as a dependent on another person's tax return and you must have a Social Security number. Dependent children can qualify for their own $600 stimulus payments, which is unlike the first package that was sent out last year. If you file your taxes as a head of household and earn up to $112,500, you qualify for the full $600 check. People who are married joint filers with an AGI (adjusted gorss income) of up to $150,000 will qualify for a total of $1,200. For many affected by COVID-19, this is a godsend. Unfortunately, the dark days of COVID-19 time period have bled into this year, so any type of assitance, especially financial assistance, can maybe make life a little less stressful. For more information on any qualifications, check out the piece from Business Insider in the bibliography below!
Mengle, R. (2021, January 05). A Third Stimulus Check? Biden Says $2,000 Checks Will "Go Out the Door" if Democrats Win in Georgia. Retrieved January 08, 2021, from https://www.kiplinger.com/taxes/602032/third-stimulus-check-biden-says-2000-checks-will-go-out-the-door-if-democrats-win-in-georgia
Loudenback, T. (2020, December 28). Here are the income limits to qualify for a second stimulus check. Retrieved January 08, 2021, from https://www.businessinsider.com/personal-finance/stimulus-check-income-limit-second-round-2020-12