Days after it was approved by the Senate, the United States House of Representatives passed a coronavirus aid package this Friday, which will provide some much-needed relief for Americans affected by the COVID-19 pandemic.
How much money will people get from the coronavirus relief bill?
Though not all Americans will be eligible, those that will be can look forward to a one-time payment coming their way courtesy of the U.S. government. Eligible individuals making less than $75,000 a year will receive $1,200, those who earn between $75,000 and $99,000 will see a gradually reduced payment, while those who make more than $99,000 will get nothing.
Eligible couples will receive $2,400, though if their combined income is more than $198,000 a year, they will not receive the $2,400. All eligible families will receive an additional $500 for each child under 17, even if they make more than the cut-off amount.
Who is elegible to receive a payment from the coronavirus stimulus bill?
People without valid Social Security numbers and most mixed-status families (families in which not everybody has a Social Security number) will not be eligible for the aid. Adults who were filed as dependents on another person’s taxes the previous year, like college students who still depend on their parents for financial support, will also not be eligible to receive the payment.
Treasury Secretary Steven Mnuchin stated earlier this week that people can expect to receive those payments within the next three weeks, though NBC reports that experts say that it could take months for the government to fully send out payments due to “obsolete technology” and budget cuts.
How will I receive my coronavirus stimulus bill payment?
Distributions will come through the IRS.
The agency will determine how much money individuals or families will receive, and where they will receive their payments, based on their 2019 taxpayer forms.
If they have not yet filed their 2019 taxes, then the IRS will use the information they have on file from 2018.
To ensure that the government agency is able to disburse your payment quickly, you’ll need to do several things.
1. Make sure your 2018 or 2019 taxes are filed. If you haven’t filed your taxes for either 2018 or 2019, you’ll need to do that first. Filing federal taxes is free through IRS.gov, though there are different processes for people who make less than and more than $69,000 a year.
2. Make sure your bank info is up-to-date if you've received your taxes by direct deposit in the past. The IRS will disburse checks electronically to people who have their banking information on file with the agency, so if you’ve gotten a federal tax refund via direct deposit in the past, as long as you still have access to that bank account, you’re set.
3. Make sure your address is up-to-date if you're expecting a paper check. If you’re planning on receiving the payment by mail, the IRS will send a paper check to the address you used the last time you filed taxes. If you have since moved, you’ll need to submit a change of address form. Note: it usually takes four to six weeks for a change of address to be processed.