With some people still struggling financially as a result of lost jobs amidst the coronavirus, many people are wondering if a third stimulus check is on the way. Recent news stories have revealed that the president is in discussion with congress about the parameters of the next stimulus check. The main thing holding up the third stimulus check is disagreements over what level of income should make a person ineligible for a third round of payments. If you are on the brink of bankruptcy, do not hesitate to seek help from one of our Tennessee Bankruptcy Lawyers.
IS THE THIRD STIMULUS CHECK REALLY HAPPENING?
Two stimulus checks have already been released to people around the United States as a result of the coronavirus. If you are wondering when your third Tennessee stimulus check might come in, we might be able to offer some answers. While the third stimulus check has not yet been fully passed nor confirmed, the president says he is working with Congress on having at least $1,400 delivered to Americans within the timeframe of this year.
Some congress members are pushing the third stimulus check to be more than $1,400 while others are saying the check should only be given to people with significantly lower incomes. Both sides are still working out these issues to determine which level of income will determine who receives the next stimulus check. We can assume that based on who received the last two stimulus checks that at the very least, people who did not file taxes due to low income will receive the next check.
If you received one or both of the last two stimulus checks, you do not have to do anything other than wait. However, if your address or bank account information has changed, you will want to make sure this is updated on the IRS website. You may also need to file your 2020 taxes to receive the next check. Visit the IRS website to learn more. Be sure to check out smart ways to spend your Tennessee stimulus check.
HOW WILL THE THIRD STIMULUS CHECK PROCESS WORK IN TENNESSEE
Based on the process of the past two stimulus checks, the third Tennessee stimulus check process will likely work in a similar fashion. People who received their checks by mail and people who received their checks directly through their online bank account will receive the third check the same way. You will need to visit the IRS website if you want to change the payment method from mail to banking or vice versa.
The last check was approved December 21, 2020, and was not released until a week later on December 28, 2020, after which stimulus checks started being sent to peoples’ bank accounts. Paper checks started being sent off on December 30. Anyone who did not receive the check by January 15, 2021, was told to file a 2020 tax return for the check.
BANKRUPTCY ATTORNEY IN CHATTANOOGA, TN
Consider seeking help from our lawyers in Chattanooga, Tennessee and North Georgia if you find yourself coming closer to bankruptcy. Call Tom Bible Law at (423) 690-7712 to talk to a Bankruptcy Attorney in Tennessee for a free consultation today. Our Tennessee bankruptcy lawyers are located in Chattanooga, Kingsport, and Tullahoma.