Coronavirus Stimulus Check What You Need to Know About Your (CARES Act).

Kofi Gyebi
Founder, 400LB Elephant

In this blog post we’ll be discussing the corona virus stimulus checks. Americans can expect relief via The Cares Act which helps individuals, small businesses, and corporations to name a few beneficiaries of these monetary payments. The coronavirus stimulus checks as it is affectionately is called serves as money to put back into the economy. Subsequently spending puts money into small businesses and helps businesses owners make payroll and keep the lights on. Many Americans are in dire need of relief to buy groceries, pay bills, cover rent, and cover various debt. If you’re like me, you look plan to donate every penny of your coronavirus stimulus check, who know’s maybe I’ll document it. There are people who need it much more than me.

Who will get a check and how much

Based on 2018 or 2019 tax filings: Earn less than $75,000 can expect one time payment of $1,200

Married couples each receive $500 for each child. A married couple of three (two adults + 1 child) making less than $150,000 would receive $2,900

Unemployment

Extra unemployment payments: $600 per week on top of what an out-of-work person is already making.  For example of a person is receiving $300, their new pay would per week would be $690 a week. Subsequently this extra pay will last for four months. The legislation also adds 13 weeks of unemployment insurance. People nearing the maximum number of weeks allowed by their state would get an extension.

How Will I Get My Check

The coronavirus stimulus check will come via direct deposit or through the mail. For example if you’ve provided direct deposit information to the IRS for a tax return you can count on receiving the pay from that account. If not it may take up to four months 1.

When Will I get my Check

Tax Foundation think Tank notes the fastest stimulus checks have been issued in the past has been six weeks.  This variable is uncertain for the time being but getting Americans in need of this stimulus check is a priority.

In conclusion after surveying over 1,400 people in all 50 states, our experts at Bankrate found that 31% of Americans expecting a stimulus check say it won’t sustain their financial well-being for even a month. Bankrate breaks down various financial strategies people can make to best utilize their check including how to determine if they should pay off debt or add to their emergency fund.

A few tips

  • Pay off any considerable amount of debt
  • Cover monthly bills
  • Secure an emergency fund
  • Support local businesses if possible
  • Tax return: If you filed one, don’t fret you will receive your money if you have an expected return in a timely manner. There has been an extension to file taxes until July 15, 2020 That also means you have until 2020 to max out your Roth IRA.
  • Donate

1 A resource for the topic and some of our data come from Fortune

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