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STIMULUS CHECKS AND TAXES: What you need to know about the new relief package

Downtown Rochester on Broadway Avenue

(FOX 47) -- With the COVID-19 pandemic impacting many people's livelihoods, some Rochester residents have their eyes looking to the federal government for help.

With talks of a potential $1,400 payment coming to individuals, many are excited about the much needed financial relief.

However, some people never received their second check. The federal government's answer is a Recovery Rebate Credit to be included with your tax refund.

"We had an explosive amount of people come in early in January and February specifically for that reason," said Cameron Spillers, tax preparer at Jackson Hewitt in Rochester.

Even if you received both stimulus checks, you need to get your taxes filed to make sure you qualify for a third.

"Just in case, it's probably better for people to come in earlier," Spillers advises. "Get that done. It's the quickest you'll be able to get that refund."

Some people's finances looked a little different than normal in 2020.

"The only way it's been impacting the 2020 taxes has been unemployment. There's been a lot of issues with that," Spillers said.

As it stands Friday night, the plan does contain: a $1,400 direct payment, a $400 per week unemployment insurance supplement, $20 billion for a national COVID-19 vaccination program, $50 billion for testing, $350 billion for state, local and tribal government relief, payments to families of up to $3,600 per child over a year and $170 billion to K-12 schools and higher education institutions to cover reopening costs and student aid.

However, a minimum wage increase is not likely.

The decision upset some Democrats.

"If we can continue to push the Senate to continue to do the right thing. We might succeed. If not, we'll have to look at our options in the House when it returns to us," said Rep. Ilhan Omar of Minnesota's 5th Congressional District.

Minnesota's 1st Congressional District Representative Jim Hagedorn retweeted a Republican colleague's opinion about the $1.9 trillion price tag of the new stimulus package, saying everything in the bill not COVID-19 related should be removed.

Alex Tejada

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