Stimulus Checks Coming Soon: Here's How to Ensure You Get Yours Fast!

Daniel Fowler
March 29, 2020

At the center of the USA government's $2 trillion economic stimulus package in response to the coronavirus pandemic are direct payments that will put money in the wallets of most Americans. Seniors whose only income is from Social Security and veterans who rely exclusively on disability payments will receive the payments. As income goes up, the payment amount goes down, dropping $5 for every $100 of income over those limits.

Yes - as long as you have a Social Security number.

If you're a single US resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the USA government.

It isn't clear what will happen, for example, if someone was 16 years old on the 2018 return but has since turned 17 and become ineligible for the $500 credit.

Perhaps you've made a decision to wait to do your 2019 return because the federal government extended the tax deadline from the traditional April 15 to July 15. The Post article also includes a stimulus payment calculator. An individual who filed as "head of household" and earned $112,500 or less gets $1,200.

They won't get money directly, and no one will get money for them.

"The IRS will with locate low-income seniors who normally do not file a tax return via Form SSA-1099, Social Security Benefit Statement or Form RRB-1099". If you have not filed your Y 2019 taxes yet, it will be based on your Y 2018 return.

Q: How does the government calculate how much I earned? If the IRS doesn't have your direct deposit information, you'll get a check in the mail. Those who do not will receive a check.

New gathering limits, a moratorium on evictions to battle COVID-19 pandemic
That is of concern, particularly in Sydney and to a lesser extent in Melbourne and South East Queensland. The two-person rule would also apply to shopping centres.

When will you receive the payment? . The bill still must go through the House - a vote to pass it is expected Friday - and be signed into law by the president.

But despite promises from Trump and Treasury Secretary Steven Mnuchin that the one-time funds will be distributed "within the next three weeks", it will likely be months before the stimulus relief hits people's bank accounts according to experts.

Will I have to pay it back? US residents who have an adjusted gross income of $75,000 or less will get the full amount.

The payments are not taxable, according to a Senate aide.

"The advance payments will be determined based on 2019 income-or 2018 income if that is all that is available to IRS-and the final amount of the benefits will be determined based on 2020 income and settled on the 2020 tax return".

What will my small business receive? The loans will carry an interest rate up to 4%.

You are still expected to receive a stimulus check in addition to whatever other state unemployment benefits are offered.

The New York Times has a much longer explanation of what the stimulus package contains.

Other reports by

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