On December 22, President Trump vetoed the Defense Policy Bill. While the bill encompasses many aspects of government spending aimed at providing COVID relief, Trump’s choice to veto leaves Americans questioning when they will receive coronavirus relief payments and how large the stimulus check will be.
Vetoing a bill means that the President has declined the legislative terms and the bill will either not pass or will need to be modified and approved by congress once again.
The Defense Policy Bill included coronavirus relief proposed payments of:
- $600 payment to individuals who earn $75,000 or less in annual income
- $1,200 to couples who file jointly and earn $150,000 or less in combined annual income
- $600 to “head of household” filers who earn $112,500 or less
- $600 for each dependant person under the age of 18
Trump explained the reasons he vetoed the bill in a video he posted to Twitter stating the direct payments should be much higher than the Defense Policy Bill outlined.
The president stated direct payments should be $2,000 for individuals, $4,000 for couples while also included the $600 payments for each dependent.
Will You Still Receive Stimulus Money?
It’s likely there will be stimulus payments sent to Americans within the next few months, but it’s yet to be determined what amount and what modifications need to be made by Congress that will warrant a signature from the president. This bill’s timing is especially crucial as the new senate will be sworn in and take office on January 3rd, 2021.
Congress members from both major parties have already spoken out in news and used social media to offer support for higher direct payments, additions to unemployment benefits as well as stimulus money awarded to businesses in the form of paycheck protection loans.
Developments on the Defense Policy Bill are being updated by the hour, it seems that although a veto might seem negative, in this instance there can be a positive impact for the American people in the form of larger stimulus checks.
Do You Need to Apply for the New Stimulus Payment?
There is no need to apply for your stimulus payment. If you received a stimulus payment this past spring, you are also likely to receive a second round of direct payments to your bank account or mailed to you in the form of a paper check. Again, the timing of these payments is unknown, but ultimately the belief is that some form of stimulus checks will be sent.
Your direct payment is determined by your 2019 or 2020 tax filing status.
What If You Need To Change Your Banking Information?
If you need to change your direct deposit information, go to IRS.com to update your banking information as soon as possible. You can also use the Where’s My Refund Tool to track payments.
Direct deposit will be the fastest way to receive your stimulus check when the bill passes and money is released to citizens.
If you do not have a bank account, consider joining some of the 5 million members at MoneyLion. Signing up takes less than 5 minutes and you immediately receive a virtual debit card as well as an account and routing number.
What’s Next for Stimulus Payments?
The next coming weeks will be crucial for the executive and legislative branches to come to a bi-partisan agreement on what will best serve the American people.
While many indications point to another round of financial relief, the timing is truly unknown.
News coverage surrounding this effort is constant and you can keep yourself informed by following your preferred news source. However, the most accurate information can always be found here www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments.