From the Senate, to the House, to the desk of President Trump, the United States today passed a historic $2 trillion economic stimulus package.
Businesses all across the United States came to a halt weeks ago in an effort to minimize the spread of the novel coronavirus COVID-19, leaving many Americans jobless. Though it was a shock to the economy, it was a move to mitigate the spread of the virus and keep an abundance of infections from overwhelming the U.S.’s healthcare infrastructure.
The aid package includes expansion of unemployment insurance, billions to aid large and small businesses, a plan to address shortages in the healthcare system, and direct payments to Americans.
Who Receives Relief Checks?
$300 million in direct payments go to individuals. Adults and families receive one-time checks. Around 90% of households would benefit from the checks, according to the Tax Policy Center.
The final version of the bill aims to send:
- $1,200 check to every adult earning less than $75,000
- Or $2,400 check for joint tax filers earning less than $150,000
- Plus $500 for every child they have
- The check amounts would be phased out beyond those income limits
- For people making $75,000 to under $99,000 (double those amounts jointly)
- No person earning over $99,000 (or couple earning over $198,000) would receive the benefits
As the entire nation battles for public health, the relief checks are a quick response to the unprecedented economic standstill.
When to Expect the Checks
Playing a critical role in the disbursement of checks is the information the IRS has on an individual or couple.
- Those who previously received tax refunds via direct deposit will likely be first in line for checks. Furthermore, the likely estimated time for the arrival of checks is three to four weeks after its approval today.
- People who normally receive tax refunds through the mail likely have a longer wait period.
- Those who did not file taxes in 2018 because they did not have an obligation to file might not receive a check unless they file a return for 2019.
- Americans receiving Social Security benefits are also on file with the government and their payments will likely be based on those records.
The process seems an arduous one as the government and IRS move to put money in the hands of citizens and families affected by the COVID-19 standstill that’s disrupted businesses and workflow all across the nation.