What Are the Differences Between the $2,000 and the $1,200 Stimulus Checks?

April 20, 2020

Millions of Americans have received their coronavirus stimulus payments — but could more money be on the way?

Forbes reports that after Congress passed three different relief packages, the last of which allowed the first stimulus check for U.S. residents, congressional representatives have put forth a new relief package that would send additional money to Americans amid the pandemic.

According to the Treasury Department, more than 80 million Americans are expected to receive money via direct deposit in their accounts, using information used to file their 2018 or 2019 tax returns.

Instead of the one-time-payment, the proposed $2.2 trillion stimulus package would send Americans $2,000 for at least six months to shoulder economic hardships stemming from the pandemic. Checks would be sent until the employment to population ratio would be greater than 60%.

The significant difference between the two payment plans is that the $1,200 check has been signed into law, while the other payment is currently just a proposal.

College students and people with disabilities are not eligible to receive the payment that was put into law. But under the new bill, even those filed as dependents under someone else’s tax return would receive the monthly payments.

As an individual, if you receive less than $75,000, you will receive the $1,200 stimulus check. The individual income limit for the $2,000 payment is $130,000. For couples, that number is doubled.

Some eligibility requirements for the $2,000 check include:

- Anyone over the age of 16 making less than $130,000 annually would get $2,000 a month
- Married couples earning less than $260,000 would get $4,000 per month
- Families with children would get an additional $500 per child with a max of three children
- College students and adults with disabilities who are still claimed as a dependent would qualify
- Individuals who are unemployed or those who were not eligible based on 2018 or 2019 tax returns could be eligible based on 2020 adjusted gross income by submitting two months of consecutive paychecks

Some eligibility requirements for the $1,200 one-time payment include:

-President Donald Trump signed this into law on March 27,2020. The stimulus check is a part of the CARES Act and it is a one time payment from the federal government
- Individuals must earn $75,000 per year or less to receive the full payment, and couples need to earn $150,000 or less per year for the full payment.
- Parents will receive $500 per eligible child.

Facebook | Twitter | Instagram