As it now stands the Coronavirus stimulus package is set to be in effect by the end of the weekend. The Senate has made it clear they are on board and will work through the weekend to finalize the proposal. The delay comes in the form of further debate regarding small business bailouts, but the details on the direct stimulus package to Americans and who will qualify for a stimulus check has been finalized.
What We Know:
- Two rounds of direct payments to American taxpayers
- First check on April 6th, second check on May 18th
- Each check will be in the amount of $1,000
- These checks will NOT be garnished, even if you owe state or federal tax
- Those currently on Social Security are eligible to receive checks
- Checks are to be claimed using an online portal and then will be mailed out
Who Qualifies For Stimulus Checks
To qualify for a stimulus check you must meet the following criteria:
- You must be a tax paying American with a SSN over 18 years old
- You must currently be employed (see below for exceptions)
- You must not have earned more than $950,000 in taxable income for the year of 2019
- If spouses file together only one needs to be employed for both to receive checks
Exceptions For Unemployed Americans
There are a few exceptions to the employment stipulation to ensure contracted workers, recently laid-off workers, and the elderly are taken care of as well.
If you are currently unemployed you can still qualify for a stimulus check if:
- You lost your job directly due to Coronavirus shutdowns
- You made at least $2,500 in taxable income for 2019
- You are on disability or receive Social Security
- You are over 62 years old
Of course many people are arguing that this won’t be enough to stop the bleeding.
Millions of service workers have already lost their jobs and millions of others have lost thousands of dollars in retirement savings due to the crashing stock market.
The cash stimulus package will help but if Washington is going to impose a lock down on day-to-day operations then they must also work out a way to help the average American make it through the pandemic. All should be able to qualify for a stimulus check.