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What to know about the second round of stimulus checks

Posted at 6:47 PM, Dec 28, 2020
and last updated 2020-12-28 19:47:13-05

MILWAUKEE — A second round of coronavirus stimulus checks is on the way, but do you qualify to receive that money? If so, when can you expect to see it, and what should you do with it? TMJ4's Taylor Lumpkin met with a local financial planner to answer those important questions you may have.

"Any kind of relief is really going to help," said Brad Allen, a financial adviser with Drake & Associates.

Millions of Americans will receive another stimulus check after President Donald Trump signed off on a $900 billion COVID-19 relief package.
"Right now it’s giving $600 dollars per person in stimulus money, plus a $300 increase in unemployment benefits," said Allen.

Parents with kids inside their home under the age of 17 will receive an extra $600 per child.

"If you have a family of four that could be $2400 per family," said Allen.

You qualify for the second stimulus check if you make less than $75,000. Couples who make no more than $150,000 also qualify. And Allen says you can expect to see the money very soon.

"Steve Mnuchin was saying that as early as next week, we could start to see some of the payments come through."

Those who earn slightly more than the threshold will also still receive a stimulus check, it just won’t be as large of an amount.

"The amount decreases by five dollars for every $100 of income above the threshold," said Allen.

Allen also says you should have a plan, and prioritize how you’ll use your stimulus money.

"Paying down a credit card debt would be first in for most, maybe looking at your emergency fund. I think we saw how important it was this year to have an emergency fund on hand."

Getting your stimulus money this go-round should be pretty similar to the first time you received a stimulus check. If you provided your banking information to the IRS when you did your taxes in the last two years, you should get it through direct deposit. And those who did not should receive their check by mail.

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