December 29, 2020

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Family Finance

A Second Round of Stimulus Payments is on the Way

A Second Round of Stimulus Payments is on the Way

Here’s What You Need to Know

On Sunday night President Trump signed a $900 Billion Coronavirus Relief Package. Within this package is language ordering the delivery of stimulus payments to millions of Americans. While many people anxiously await the arrival of these relief funds, there are quite a few questions floating around regarding the delivery and timing of these payments. 

Here are the basics you need to know:

Who will receive the stimulus payments, and for how much?

Per the New York Times,  Individual adults with adjusted gross income on their 2019 tax returns of up to $75,000 a year would receive a $600 payment, and heads of households making up to $112,500 and a couple (or someone whose spouse died in 2020) earning up to $150,000 a year would get twice that amount. If they have dependent children, they would also get $600 for each child. People with incomes just above these levels would receive a partial payment that declines by $5 for every $100 in income.

When can Americans expect to receive this new payment?

Agency officials have reported that the first round of payments is expected to go out in early January with other rounds being distributed shortly thereafter.

How will people receive this second round of payment?

The second round of stimulus checks will be issued in a similar manner to the first round of payments. If you have set up direct deposit with the IRS, then you should see your payment appear in your account in the coming weeks. However, if you are planning to receive payment from the IRS in the form of a check or prepaid card, this will most likely take a bit longer as it must be printed and sent to your mailbox. 

As Americans await their payments it is important to stay vigilant of fraudulent scams that might be targeted towards you or a loved one. Back in April, our Retail Operations Manager, Robynn Halstad wrote a very informative blog detailing tips and practices for how to avoid these payment scams. If you find time, I urge you to read it. 

Be safe and well. I want to wish you all a very happy New Year! 

Rachel Carpenter

Office: 218.825.8946
Email: rachel.carpenter@deerwoodbank.com

Rachel Carpenter is Vice President of Retail Banking at Deerwood Bank. She graduated from Southwest Minnesota State University with a bachelors degree in Business Management. Rachel was nominated Class President of the 2019 graduating class of the Minnesota Bankers Leadership Academy and currently sits on an Emerging Leaders subcommittee for the American Bankers Association. When Rachel gets a free moment, she is an avid mountain biker and skier with her husband, Mike and sons Gavin and Logan.

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