Second Stimulus Payments - What You Need to Know - Brink's Money
Second Stimulus Payments - What You Need to Know
13 Jan 2021
It has been nearly a year now since the COVID-19 pandemic started and fortunately vaccines are now beginning to be distributed at a rapid pace. At Brink’s Money, the wellbeing of our community remains our priority, and we have continued to compile together a list of information and resources to help everyone through these unprecedented times.
As we go through the next phase of the pandemic, many still have concerns about how they will navigate their day-to-day lives, from rent to student loans to finding work. We hope that the below resources that we have compiled together will help ease those concerns, if only a little bit. We still have your back and continue to support all those affected by COVID-19.
Making Sure You Receive Your Second Stimulus
On December 21, 2020, Congress passed a $900 billion COVID stimulus package. In it includes another round of direct stimulus payments. Applicable recipients will automatically receive $600 checks from the IRS over the next few weeks. Perhaps you have already received yours. For those that have not, or are not entirely sure if they have, here are some tips to make sure everything is delivered smoothly.
- Check the IRS website: The IRS has recently released a new tracking portal called “Get My Payment.” This portal will track your IRS payment and will tell you which account or address your check is being deposited or sent to.
- Calling Customer Support: Wait times might be significantly longer than usual, but if you are unsure if your payment is in your account, try login into your web portal and/or mobile app. If you decide to call, be patient as you wait to speak with someone directly, rest assure that customer service centers (including Brink’s Money’s) will handle all questions. Our service number is: 1-877-849-3249
- Make Sure You’re Eligible: Not everyone will receive a stimulus payment. If you did not file taxes in 2019, if you are labeled as a dependent on your 2019 taxes, if you exceed the income threshold ($99,000 for individuals), or if you are an undocumented immigrant you will not receive a stimulus payment. If you are unsure of your status, check your 2019 tax filings or the IRS website. An important difference from last payment: spouses and children of undocumented immigrants with Social Security numbers will receive a payment.
Unemployment Benefits for Those in Need
Those that remain or have recently become unemployed will continue to receive federal unemployment assistance on top of their state benefits. Anyone receiving unemployment benefits will also receive a $300 bonus on each weekly payment until March 14, 2021.
The Pandemic Unemployment Assistance program for gig workers, freelancers, contractors and the self-employed was extended an additional 39 weeks. The Pandemic Emergency Unemployment Compensation Program for those that have exhausted state unemployment benefits was extended an additional 13 weeks. Both programs will close to new applicants on March 14, but continue through April 5 for anyone that hasn’t yet exhausted the program benefits.
For those that are self-employed but aren’t qualified for Pandemic Unemployment Assistance, they are provided an additional $100 per week on top of their state unemployment benefits.
For more information on unemployment benefits and how to qualify, check your state’s unemployment website.
Have a Small Business? Sign up for a PPP Loan
Those will small businesses that took advantage of the last stimulus Paycheck Protection Program loan or those that missed the window can now apply for a second one.
The second PPP loans are eligible only to those with less than 300 employees that have seen drops of at least 25% during any of the first three quarters of 2020. The borrower can receive up to $2 million and loans under $150,000 are eligible for loan forgiveness.
Rental & Nutritional Assistance
The eviction moratorium nationwide has been extended until Jan. 31, 2021. Those on SNAP benefits will also receive a 15% increase in benefits. Eligibility for SNAP benefits has not changed.
Student Loan Payback Freeze
The Department of Education has extended its moratorium on student loan payments until Jan. 31, 2021 for all federal student loan borrowers, including Parent Plus loan borrowers. Interest rates are also frozen at 0% until Jan. 31, 2021.
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