Federal one-time stimulus checks expected to help many Americans struggling during crisis

With many businesses closed and many Americans out of work amid the coronavirus crisis — the federal government is sending money your way.

Who benefits from stimulus aid?

  • Single adults who earn $75,000 or less a year get $1,200
  • Reduced checks for single adults who earn up to $99,000 a year
  • Married couples who earn $150,000 or less a year get $2,400
  • Reduced checks for married couples who earn up to $198,000
  • Married couples get an additional $500 for every child under 17
  • Head of household who earn up to $112,500 a year gets $1,200

Single adults with social security numbers, who aren’t the dependent of another taxpayer, will get the one-time cash aid of $1,200 if they earn $75,000 or less a year.

Reduced checks will be given to those making up to $99,000 a year — with the amount falling by $5 every $100 in income above $75,000.

Married couples are eligible for a $2,400 check as long as their annual income is under $150,000.

Reduced checks, on a sliding scale, will be given to a married couple who earn up to $198,000.

Married couples will also get an additional $500 for every child under 17.

People who file as a “head of household” are eligible for a $1,200 check if they earn up to $112,500 a year.

“Within three weeks, we’ll have direct deposits into people’s accounts. For people where we don’t have their direct deposit information, there’ll be a web-based application, they can upload it. And for people who don’t do that, well, there’ll be checks in the mail, but we’re gonna try to get as much money into direct deposit as we can. That’s the fastest way of getting hard-working Americans their money,” said Steven Mnuchin, U.S. Treasury Secretary.

According to the Trump administration, the fastest way to get your check is to file your 2018 or 2019 taxes.

However — on Wednesday night, Mnuchin backtracked saying social security recipients will not have to file a tax return to receive a payment.

The IRS added that independent contractors, the self-employed, gig workers and freelancers are now eligible for unemployment benefits.

They can get up to $600 a week for four months.

And as for businesses rehiring former employees — Mnuchin had this to say.

“You can hire the people back, so the Treasury Department and SBA (referring to the Small Business Administration) has been working around the clock. We will have a program up and running on Friday where not only the existing SBA lenders, but FDIC (Federal Deposit Insurance Corporation) banks, credit unions, fintech lenders will be able to make loans. Those loans will cover eight weeks of workers’ salary plus additional money for overhead. If you let your workers go, you bring back your workers. For every worker you have, that portion of the loan is forgiven. So, I encourage all small business, that’s about half of the US private payroll. Go back and hire your workers because the government is paying you to do that.”

To find more information on getting relief from the federal government — visit benefits.gov.

To check on the unemployment benefits in your state, visit www.careeronestop.org.

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  • Mario
    4 April 2020 at 11:51 am - Reply

    How could you lose an election, VOTERS, NON VOTERS, everybody will receive Stimulus money There are 31M Small Business owner possible voters again. Stimulus MONEY is already deposited into each STATE Depository Bank all they got to do is to deliver the money. As TRUMP said the problem might arise on the STATE level because most State has a 40 years old computer, processing will be slow. TRUMP talks to the GOVERNORS, if FEDERAL Govt will just mail the Check, STATE GOVERNOR said they can handle it. STATE SocSec office will deposit the Stimulus money to all retirees bank account, problem is, when will STATE Govt. deliver the money to SS State depository bank. What to expect: Media will BLAME TRUMP for the delay…