Stimulus checks: How much money, who gets them, and when will they be received
WASHINGTON (WXXV) — The U.S Senate unanimously passed a $2.2 trillion coronavirus relief package late Wednesday night. The 880-page measure is the largest economic relief bill in U.S. history.
The economic rescue package includes sending checks directly to people across the country impacted by the COVID-19 pandemic.
How much money are we getting?
The package provides one-time payments to individuals, but the amount differs based on how much money you make annually.
For those making less than $75,000, expect to receive a check of $1,200 per adult and $500 per child under the age of 17.
Married couples will receive $2,400.
However, payments phase out for individuals making more than $75,000. For every $100 you earn above the limit, payment drops by $5.
Individuals making more than $99,000 and couples making more than $198,000 will not qualify for a payment.
The amounts will be determined based on 2019 tax returns. If a 2019 tax return has not been filed, 2018 returns will be used.
Who gets the checks?
According to the Tax Policy Center, about 90% of Americans will qualify for a payment.
The stimulus package allows people receiving Social Security, many of whom don’t file taxes, to obtain direct financial assistance. With these cases, the government will access their data through the Social Security Administration to determine how much money they will receive.
When will I get my check?
The stimulus bill does not provide a specific timeline for payment distributions, but the Treasury Department suggested last week to members of Congress a start date of April 6, with a second batch of checks going out on May 18.
Treasury Secretary Steven Mnuchin echoed that request, saying they hope to start issuing checks within three weeks, with the remainder of the checks to be mailed by the end of May.
The stimulus bill does not provide a specific timeline for payment distributions.
“We want to make sure Americans get money in their pockets quickly,” Treasury Secretary Steven Mnuchin said. “As soon as Congress passes this, we will get this out in three weeks.”