Tuesday, 04 August, 2020

When can consumers expect to receive their coronavirus stimulus checks?

Who is Eligible For a Coronavirus Stimulus Check and How Much is Coronavirus checks: Calculate how much you will get; will you have to pay it back?
Ginger Lawrence | 27 March, 2020, 00:38

Americans are expected to receive direct payments as part of a $2 trillion coronavirus outbreak stimulus package that passed the Senate on Wednesday. The last time we all got checks like this from the government, for example, was in 2008 to help get us through the Great Recession.

"Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check". It is created to provide payment to those not traditionally eligible for unemployment benefits, including self-employed workers, independent contractors, and those with limited work history, who are unable to work as a direct result of the coronavirus public health emergency. How much are you going to get, exactly?

"We're looking to get a lot more information and we have procedures to do that". The 880-page measure is the largest economic relief bill in USA history.

For those making less than $75,000, expect to receive a check of $1,200 per adult and $500 per child under the age of 17.

Any person who has a "work-eligible Social Security number" and is not listed as a dependent on another taxpayer's return is eligible for the full rebate (more on that below) if his or her income is below $75,000, or $150,000 for married couples, according to a Senate analysis. If a 2019 tax return has not been filed, 2018 returns will be used. The payment will be reduced by $50 for every $1,000 you earn over the limit, said Garrett Watson, senior policy analyst for The Tax Foundation.

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The amount received will lessen in cases where individuals make more than $75,000 annually, and people making more than $99,000 per year would not be eligible to receive cash payments.

Couples who filed a joint combined income of more than $198,000 will not receive a direct payment. The Post article also includes a stimulus payment calculator.

Treasury Secretary Steven Mnuchin echoed that request, saying they hope to start issuing checks within three weeks, with the remainder of the checks to be mailed by the end of May.

"As I've said, there are so many things we didn't get in any of these bills yet in a way that we need to", Pelosi said, referring not just to the Senate bill but to two previous bills that had already been approved.