How Much Money Will I Get From The Coronavirus Stimulus Package? The Amount Of $$$ You're Entitled To
Some families could receive thousands of dollars.
Getty Today, the US hit two sobering new milestones in the fight to control the coronavirus pandemic: the death toll topped 1000 people and the first batch of unemployment figures were released. More than 3 million people made new unemployment claims just last week. The massive spike in the number of people out of work is largely due to the changes in how Americans can do business under pandemic response restrictions.
For people who have lost their income and don't know when they'll be able to head back to work, things seem bleak. The good news is that Congress has taken the first steps necessary to act in support of individual workers. Last night, the Senate unanimously passed a $2 trillion stimulus bill meant to put cash in the pockets of struggling Americans. It's the largest law of its kind in American history.
If you're wondering how this package can help you, you're not alone. A lot of people are thinking, "How much will I get from the coronavirus stimulus package?" Read on to learn what you might be entitled to receive.
You might get a check whether you have a job or not.
One of the first things leaders in Congress want to do is to get people spending money so they will be sending relief checks to millions of people in the next several weeks. Single people couple receive up to $1,200 and couples could get up to $2,400. You could also get up to $500 per child under 16. This is for everyone, not just people who have experienced a change in job status in the last few weeks. But remember...
...The amount you get is based on income.
Not everyone will get the top-line dollar figure — and if you make more than $99,000 as an individual or $198,000 as a married couple, you might not get a check at all.
The breakdown of who is entitled to payments is slightly complicated.
Single adults with Social Security numbers who are United States residents and have an adjusted gross income of $75,000 or less will get the full $1,200. The more you make above $75,000, the smaller your check. If you make $99,000 or more, you are not eligible for a payment.
Married couples with no children earning $150,000 or less would receive the full total of $2,400. Someone who files as head of household who earns $112,500 or less would also get the full payment. Once you make more than those amounts, the amount of your stimulus check decreases as well and the cap for receiving any stimulus money is $198,000 for a married couple.
The payments will vary based on income.
How will the government know how much money you make?
The feds will be looking at IRS records for determining eligibility. If you have already filed your 2019 tax returns, that's the reported income levels they'll look at. If you haven't gotten your paperwork to the IRS yet (and don't worry if you haven't — the deadline has been pushed back to July 15, 2020), they will use your 2018 tax return.
Unfortunately, that means that your stimulus check corresponds to your financial past, not your financial present. You could be unemployed now and facing a massive drop-off in income but still get nothing because you had a great year in 2019.
There is immediate relief if you are unemployed.
If you are among the millions of people who are newly unemployed, there are benefits in the bill to help you out. Nearly everyone who has lost a job for coronavirus reasons can get unemployment payments. That includes loss of job from businesses shutting down, employers cutting staff, staying home for medically-directed quarantine, or staying home because childcare or eldercare facilities have closed and you have to stop working to care for a family member. It even includes part-time workers and freelancers who typically aren't eligible for unemployment benefits.
Unemployment payments will be higher than usual.
The formula for determining benefits will be a combination of what your state would usually pay out plus an extra $600 per week. The states will disburse the money to people who file for unemployment. It's up to each state if they pay beneficiaries in one weekly sum or if you would get one payment of the state amount and a second weekly payment of the $600 additional pay. It also extends the length of time that people are eligible to receive benefits by 13 weeks. That applies to people who have been on unemployment already and people whose benefits ran out and who can't find work in the current environment. You can reapply now and get the additional 13 weeks.
There are also breaks on student loan payments.
If one of your monthly expenses is paying back federally-issues student loans, you can expect to see a deferment on those payments as part of this package as well. These loan payments are already being waived for two months so the new package extends that to September 30, 2020. Interest won't accrue during that time. However, this only apply to federally issued loans; student loans from private lenders are not affected.
There are a lot of other provisions in this package that pertain to business owners and some major industries. There is even a lot of money to help hospitals cover their costs during this scary time. Leaders have suggested there will be additional stimulus bills in the near future as well.
Rebekah Kuschmider has been writing about celebrities, pop culture, entertainment, and politics since 2010. She is the creator of the blog FeminXer and she is a cohost of the weekly podcast The More Perfect Union.