Did you receive your stimulus check? Learn more about the legislation that has passed and other bills in Congress that could bring us greater relief during this period of unemployment and insecurity.
The Federal Government started sending these checks out in mid-April. Just to recap,
- The Economic Stimulus Checks are part of the CARES Act. It is a massive government package to stimulate the U.S. economy and put money directly in the hands of consumers. There are 5 groups of people who will NOT receive a stimulus check.
- If you get Social Security, are a senior citizen or a railroad retiree AND are not required to do a tax return, you will receive $1200 per person.
- Individuals will get up to $1200; married couples will get up to $2400; and up to $500 for each qualifying child. The IRS calculates the amount you get by looking at your tax return.
- The money will be directly deposited into your bank account.
If the IRS does NOT have your banking information, the Treasury is setting up a website where people can put in their bank account details and get direct deposit INSTEAD of a check in the mail.
SO - If you or someone you know does NOT fit into 1-5, what are you supposed to do?
The IRS has a website where they put updated information. Go to: www.irs.gov/coronavirus
I went to that website and found out that my check is being mailed to me around May 15.
Is this a one-time only stimulus check for citizens?
On Friday, May 8, three U.S. Senators proposed a new bill called the Monthly Economic Crisis Support Act. These Senators are saying that if the U.S .can afford to bail out large corporations, then we can also make sure that average citizens have enough money to meet their needs, pay their bills, and feed their families. For everyone making less than $120,000 per year, each married couple filing jointly gets $4,000 per month; each individual gets $2,000, and $2000 per child (up to 3 children). The checks would also be retroactive to March 2020. To learn more, read this.
As of now the economic stimulus checks are a one-time only benefit. But with proposed legislation like the bill above, U.S. citizens could see help coming from the government.