$2 trillion stimulus bill raises questions for Americans during coronavirus

Trump%27s+stimulus+bill+is+the+largest+bill+in+US+history.+College+students+are+not+expected+to+receive+the+bill+if+they+are+not+financially+independent.

Unsplash, Brandon Mowinkel / Graphic by Gracie Watt

Trump's stimulus bill is the largest bill in US history. College students are not expected to receive the bill if they are not financially independent.

On March 27, President Trump signed the largest stimulus package in U.S. history. Similar to the stimulus package from Barack Obama within the American Recovery and Reinvestment Act of 2009, The H.R. 748 CARES ACT was created to help Americans get back on their feet amidst COVID-19. 

With the economy on a major rollercoaster since the coronavirus pandemic made its way to the U.S., over 6 million Americans are now left unemployed and large companies and small businesses are struggling to make ends meet.

The $2 trillion stimulus package will be distributed to the American people over the next 20 weeks.

 

The CARES ACT has raised many questions for Americans on whether or not they qualify for a check. Let’s break it down.

Those who qualify for a stimulus check from the government are as follows:

– Individuals with adjusted gross incomes of up to $75,000 will receive the full payment of $1,200.

– Married couples who make up to $150,000 filing for joint returns will receive $2,400.

– Parents will also receive an additional $500 for every child under the age of 17 who qualifies.

Those recently furloughed or laid-off who are now unemployed will receive $600 every week for the next four months.

Those who do not qualify to receive any money from the government are:

Children 17 to 18 years of age

College students, ages 19-23 (Students under the age of 24 are considered dependents if their parent pays for more than half of their expenses)

Adults who are claimed dependents

Those without a green card

Estates

Individuals who earn more than $99,000 or married couples earning more than $198,000

 

Those who do qualify for a stimulus check and want to receive it as soon as possible must have their 2018 taxes filed. However, it is most helpful if the most recent (2019) taxes are filed and processed with the IRS.

For those such as veterans or others living with disabilities, Treasury Secretary Steven Mnuchin said that “Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account.”

In the coming days, the IRS has planned to create a website to insert personal banking information for those who want their checks deposited immediately.

Still unsure if you qualify for a check? Use the Wall Street Journal’s calculator to find out.