Latest Updates for Coronavirus Stimulus Package

President Trump enacted CARES Act that includes a up to $ 2 trillion economic stimulus package for American citizens suffering financial problems due to the Covid-19 on March 27, 2020. According to the bill, direct cash will be provided to Americans, unemployment benefits will be expanded, some changes will be made in retirement accounts, and federal student loans will be suspended until the end of September.

President Trump enacted CARES Act that includes a up to $ 2 trillion economic stimulus package for American citizens suffering financial problems due to the Covid-19 on March 27, 2020. According to the bill, direct cash will be provided to Americans, unemployment benefits will be expanded, some changes will be made in retirement accounts, and federal student loans will be suspended until the end of September.

Economic impact payments: CoronaVirus Stimulus Payments

Here are all the details you need to know, such as; who, when and how to get payments.

Americans who have valid social security number, pay their taxes for 2018-2019 can benefit from the CARES Act. There is also a requirement that have less income than $ 75,000 for individuals and less than $ 150,000 for married couples to receive their payment. As these income thresholds increase, the amount to be paid decreases. In fact, there is no payment for individuals earning more than $ 99,000 and  for married couples earning more than $198,000.  $1,200 per adult and $500 per child under age 17 will be made payment by The U.S. Treasury. For instance, a couple with one kid will receive $2,900 payment.

It should also be noted that people with visas and undocumented immigrants don’t qualify for getting payment.

Right now, the most curious issue is how people will get paid and when. The process will be automatic and doesn’t require to apply.  But if your bank account changed or if you haven’t complete your tax return for 2018 and 2019 yet, you can visit the online portal “IRS (Internal Revenue Service) Economic Impact Payments” that created by IRS to enter your bank info.

On April 11, IRS announced that payments are being made via the twitter. Treasury Secretary Steven Mnuchin also said to expect that most people will have received their payments by April 17.

Didem Sagindik
is a Sr. Research Analyst at Financhaser, focusing on Loans. She has PhD on Business Management.

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