Delayed Stimulus Checks, EMPA and Everything Else You Should Know About the COVID-19 Relief Payments
Over the course of the last six weeks, unemployment rates have risen sharply, and as April comes to a close, roughly 30 million Americans have filed for unemployment. Needless to say, the COVID-19 pandemic and its far-reaching ramifications have left many jobless Americans wondering how they will pay their bills, afford essentials like groceries and take care of their families. To further assist Americans who are dealing with financial hardships in the wake of the novel coronavirus pandemic, federal lawmakers enacted a $2 trillion economic stimulus package on March 27 that allowed for most Americans to receive checks of up to $1,200 to help navigate the COVID-19 pandemic fallout.
Who Is Eligible for the Stimulus Checks?
Single adults who reported adjusted gross income of $75,000 or less on their 2019 tax returns are set to receive the full, one-time $1,200 payment, whereas married couples who filed jointly and make less than $150,000 will receive $2,400 as well as an additional $500 for each child under the age of 17. Payments for individuals will shrink by $5 for every $100 earned that exceeds the $75,000; for couples who filed jointly, that reduction will start at $150,000.
When Will You Receive Your Stimulus Check?
In mid-April, the Internal Revenue Service (IRS), a bureau of the Department of Treasury, began processing stimulus checks. So far, roughly 90 million Americans have received their payments, and as of April 24, 2020, the IRS has paid out roughly $157.96 billion — more than half of the $290 billion that was set aside for Americans as part of the $2.2 trillion CARES Act. If you file your federal income taxes each year and use direct deposit for those potential tax refunds, you most likely received your stimulus check as soon as payments started and without any issues.
As the COVID-19 Pandemic Continues, Will There Be Another Round of Stimulus Checks?
While the one-time $1,200 relief check certainly helps, unemployed Americans feel that it won’t go far enough to mitigate the financial burdens caused by the COVID-19 pandemic. In a recent survey conducted by SimplyWise, 63% of Americans will need another stimulus check within the next three months. With May bills looming and no real end in sight to the novel coronavirus precautions, there seems to be some hope for another round of payments.