Coronavirus Stimulus Checks
Looks like were going to see some extra money in the near future, the problem is everything's closed so we cant spend it.
What puzzles me is, just months ago Trump wanted to cut Food Stamps, Social Security, Medicare and other social programs claiming the country is broke - we now have more money than we need, what changed?
Senate Approves Roughly $2 Trillion in Coronavirus Relief
Who qualifies for stimulus checks?
Individuals who make up to $75,000 per year and heads of household who earn up to $112,500 will receive a $1,200 rebate from the federal government, while couples who earn up to $150,000 annually will receive $2,400. For those who exceed those income levels, the benefits are gradually reduced at a rate of $5 for every $100 of additional income, and are eventually capped at $99,000 for individuals, $146,500 for heads of household, and $198,000 for couples. Additionally, parents are eligible for a $500 rebate per child.
Will retirees and Social Security beneficiaries receive stimulus checks?
Yes. The proposed bill includes language that allows Americans receiving Social Security—many of whom are retired and don’t file taxes—to obtain direct financial assistance through the coronavirus stimulus package. In such cases, the government would access their data through the Social Security Administration to determine their rebate.
That said, not all older people who are already reliant on government assistance are immediately eligible for a rebate. According to Steve Wamhoff of the Institute on Taxation and Economic Policy (ITEP) think tank, the current bill excludes recipients of Supplemental Security Income (SSI), a federal welfare program granted to elderly and disabled people who are often living in poverty and, in many cases, aren’t required to file tax returns.
When will the stimulus checks be sent out?
This is where it gets tricky. Treasury Secretary Steven Mnuchin has said that he’d like to see Americans start receiving direct assistance in as little as two or three weeks after the stimulus package is signed into law—but that seems exceedingly optimistic.
The quickest time frame in which the federal government has previously been able to issue stimulus checks has been six weeks.
Moderator Responses are based on my personal bias, experience and research - They do not represent the views of the admin nor may be accepted in the legal community, always consult an attorney.