With a unanimous vote from the Senate late Wednesday (March 26), a $2 trillion stimulus package will offer peace of mind to millions of families affected by the novel coronavirus.
The rescue plan, also known as the CARES Act will serve as a tax credit and is based on your adjusted gross income. Huff Post reports that if you haven’t filed your 2019 return, the IRS will view your 2018 return to determine eligibility.
The maximum amount single persons can receive is $1,200, with married couples topping $2,400. People who earn more than $99,000 do not qualify. Parents will also receive an additional $500 for each qualifying dependent 16-years-old or younger. Nonresident aliens, taxpayers who can be claimed on someone else’s return as a dependent (teens), estates and trusts do not qualify for a check.
In addition to the money being sent out to 150 million American households, loans will be set up for all businesses and resources into unemployment insurance programs. The historic package was approved quickly but don’t expect a check any time soon. Depending on your tax information, it can take up to four months to receive a physical check in the mail. President Donald Trump has assured Americans a possible deadline of April 6.