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First let's talk about the next round of IRS Stimulus Money that could be getting ready to be sent out to you. Treasury Secretary Steve Mnuchin indicated an agreement has been reached with the Senate to replenish the Paycheck Protection Program and increase funding for hospitals. The word from Washington is that we could see this approved by tomorrow and that's great news for small businesses that are hemorrhaging money and laying people off.
Under the emerging deal, the government’s Paycheck Protection Program for small businesses would get roughly $300 billion. Of course this program has been swamped by companies applying for loans. And it ran out of money last week. It's already approved 1.7 million loans. That left thousands of small businesses in limbo as they sought help. An additional $50 billion in the evolving deal would go for disaster loans.
As the Treasury Department continues sending out stimulus checks to millions of American, some may never get to the hands of those who need it most. Under the CARES Act, anyone with a judgment against them for any private debt could lose their stimulus to a debt collector.
So you're probably asking what kind of debt can they do this for? Is it all debt? What about a parking ticket? What about a lawsuit where you owe money to someone? What about a collections for credit card debt? Great questions let's answer them.
So... right off the top is child support payments. If you own child support they can take your money to pay the child support payments.
If you have an old medical bill they can take your money right out of the stimulus. So you might not even know you have an old outstanding medical debt floating around on your credit report. Well they can tap your stimulus check in order to pay that old medical debt.
According to the Washington Post, the IRS's plan is to send its first batch of payments to those folks who have their direct deposit information on file. That's about 80 million Americans. After that, it'll begin issuing paper checks, of which it can print and send out in the neighborhood of 5 million per week.
However, the IRS isn't going to simply draw names or Social Security numbers out of a hat to determine when you'll be paid your stimulus check. Rather, it's going to be issuing paper checks on a weekly basis based on AGI and in $10,000 increments.
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