Coronavirus Stimulus Bill: Here’s What You Need to Know

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After several tense days of back and forth, lawmakers have managed to pass a massive stimulus bill to help the struggling US economy. The country’s economic wellbeing has been in jeopardy thanks to the novel coronavirus causing the COVID-19 disease. This has made many people anxious, as payroll companies aren’t sending out paychecks when everyone is out of work.

Secretary Steven Mnuchin photographed after the Senate signed off on the Stimulus Bill
Vox

As part of the stimulus bill, most Americans will be receiving a $1200 check from the federal government. The US government hopes that this will keep things running smoothly as the impacts from the virus ripple out. Here’s what you need to know about the relief check.

How Much am I Getting?

American adults making up to $75,000 per year will be receiving a stimulus check of $1,200. For each $100 over $75,000 per year you make, your check will be reduced by $5. This means that people earning $99,000 or more per year will not be receiving such a stimulus check, as they already likely have stable finances.

These values all double for married couples who filed jointly. They will receive $2400 if they make under $150,000 per year combined. Meanwhile, heads of household will receive the full $1200 if they make under $112,500. As with the normal checks, these shrink by $5 per every $100 over the threshold the person or couple makes.

Who Gets This Money?

Americans with Social Security Numbers are eligible for a stimulus check. You don’t need to make taxable income to be eligible, but you will need to have filed a tax return. If you’ve not filed a tax return before, you will need to file a 2019 tax return to eligible.

Non-citizens who don’t have green cards, people classified as dependents, and people who make above the thresholds are all not eligible for the stimulus checks. Only people who filed a tax return in 2018 or 2019 are eligible for a check.

How Will I Get the Money?

If the IRS already has your bank account information, such as by providing you with your tax return via direct deposit, then you will receive the check via direct deposit. If the IRS doesn’t have this bank account information for you, then they will send you a paper check in the mail for the amount.

As for when, Treasury Secretary Steven Mnuchin has said to expect seeing money go out within the next three weeks. Many tax experts say that is an unrealistic time table, though people receiving direct deposit could potentially see the money the earliest. Those getting paper check will likely be waiting several weeks before their money comes in.