FREE Money. Are you eligible to receive $1,200 from the stimulus package?
Here is a VERY BASIC understanding of the stimulus package and information on personal eligibility.
A stimulus package is a coordinated effort to increase government spending and lower taxes and interest rates in order to stimulate an economy out of a recession or depression.- Investopedia
The $2.2 trillion response deal (stimulus package), approved unanimously by the Senate on Wednesday, March 26th, paves the way for small businesses to acquire grants and loans to cover payroll and other expenses. The bill also lets workers — including self-employed and independent workers hit by the disease’s economic fallout — obtain extended and increased unemployment benefits if they are laid off or furloughed (temporarily released).
Stimulus Payments
How large would the payments be?
Most adults would get $1,200, although some would get less. For every child age 16 or under, the payment would be an additional $500.
Do you have to apply to receive a payment?
No. If the Internal Revenue Service already has your bank account information, it would transfer the money to you via direct deposit based on the recent income-tax figures it already has.
How many payments would there be?
Just one. Future bills could order up additional payments, though.
How do I know if I will get the full amount?
It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less would get the full amount. Married couples with no children earning $150,000 or less would receive a total of $2,400. And someone filing as head of household would get the full payment if they earn $112,500 or less.
Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people earning $198,000.
In any given family and in most instances, everyone must have a valid Social Security number. There is an exception for members of the military.
You can find your adjusted gross income on line 8b of the 2019 1040 federal tax return.
What year’s income should I be looking at?
2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income.
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
The bill does not appear to help people in that circumstance, but there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small business owners or sole proprietors.
When would they arrive?
Treasury Secretary Steven Mnuchin said that he expected most people to get their payments within three weeks.
Use this calculator to see how much you could be receiving.
This information was gathered from Investopedia/ a NY Times article published on March 26, 2020.