How to apply for U.S coronavirus stimulus payment: The US government has agreed on a $2tn coronavirus stimulus package for self-employed persons, the bill is aimed at offering assistance to tens of millions of American households affected by the coronavirus.
While corporations will be the biggest recipients of the bailout, some of that money will be paid directly to Americans hit by the pandemic.
Most taxpayers will get a check in the mail, while those directly impacted by the economic effects of Covid-19 are slated to receive robust government support.
U.S Coronavirus Stimulus Payments
How large would the payments be?
Here’s what we know so far about how the new stimulus package will directly affect Americans in the coming weeks:
Who’s eligible for a check from the government?
Most adults would get $1,200, although some would get less. For every child age 16 or under, the payment would be an additional $500.
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Congress will spend about $250bn for checks up to $1,200 per person that will go directly to taxpayers.
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How to be Eligible for American Coronavirus Stimulus Package
To be eligible for the full amount, a person’s most recently filed tax return must show that they made $75,000 or under. For couples, who can receive a maximum of $2,400, the cutoff is $150,000.
If a person makes more than $75,000, the amount given goes down incrementally by $5 for every $100 increase in salary. So a person who makes $85,000 would get $700 while a person who makes $95,000 would get $200.
If a person makes above $99,000, or a couple makes above $198,000, no check will be given.
The Tax Foundation, a DC-based think tank, estimates that 93.6% of Americans will be eligible for a check coming from the stimulus package.
When Will I Get U.S Coronavirus Stimulus Payment
That is still unclear. Experts say that Americans will likely not get the money until May, given how long it takes the Internal Revenue Service (IRS) to send out checks. Treasury Secretary Steven Mnuchin said the White House wants the checks out in two weeks but the logistics of sending them will likely make the wait a bit longer.
This is not the first time the government has sent checks to Americans. The federal government gave up to $300 in 2001 and $600 in 2008 to taxpayers who met a certain income bracket to similarly stimulate the economy.
Does the U.S coronavirus stimulus package help unemployed workers?
Yes, specifically the bill will increase unemployment insurance by $600 for 13 weeks – about four months – for every person, added to the existing unemployment compensation a person gets from their state’s program.
The length and amount of compensation vary from state to state. A majority of states providing a maximum of 26 weeks of compensation, while average weekly compensation ranges from 20% of a person’s wage to just over 50%.
What about freelance and gig workers?
While unemployment insurance typically does not cover people who are self-employed – freelancers, contractors and gig workers – the bill comes with a “pandemic unemployment assistance” measure that will extend insurance to those workers.
Not in this bill. Earlier last week, Donald Trump signed the Families First Coronavirus Response Act, a bill worth about $100bn meant to expand paid sick leave and emergency paid leave, but it came with major loopholes. Companies with over 500 employees were not mentioned in the bill, while companies with under 50 employees can apply for exemptions.
The bill mandates 10 days of fully paid sick leave for employees of companies with 500 employees or less. Parents of those companies affected by their children’s school closing and those leaving for medical reasons can get 12 weeks of pay at 67% of their salary.
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