CORONAVIRUS STIMULUS CHECKS: WHAT TO EXPECT * Required Up to Date Tax Filings to Receive Check.

​Congress is gearing up to send out stimulus checks to Americans across the country to combat the recession being created by the coronavirus pandemic. With stores, restaurants, and more being closed, and most other Americans forced to work from home, the country is gearing up for a recession or depression that is hasn't seen in almost a century. With lessons learned from the Depression and Great Recession, one of the biggest ways to stimulate the economy and keep American's financially safe is to simply give them cash to spend - to pay rent, buy food, and take care of their families. Let's look at the history of stimulus checks, and give you an idea of what to expect, how to prepare, and what you should seriously consider spending your stimulus check on given what we've learned from history. Note: An agreement was reached to include stimulus checks in the bill overnight on March 24. We will update with any changes when we see the official text of the law.
Quick Navigation
The 2020 Covid-19 Stimulus Checks
Other 2020 Stimulus Programs
Families First Coronavirus Response Act (FFCRA)
Student Loan Relief
History Of Stimulus Checks
How To Get A 2020 Stimulus Check
Best Ways To Use Your Check
Beware Of Scams
2020 Stimulus Check FAQs The 2020 Covid-19 Stimulus Checks Right now, the stimulus checks are just a proposal, but here's what they are proposing as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The stimulus check amount for 2019 is adults would get $1,200 each (so $2,400 for couples filing jointly) and children $500 each (children are qualifying children according to IRS rules claimed in the household under 17 years old). The benefit would start to phase out at a rate of $5 for every additional $100 in income. The benefit phaseout starts at: $75,000 in adjusted gross income for singles $112,500 for heads of household $150,000 for married couples filing jointly  Completely phase out at $99,000 for singles and $198,000 for couples (with no children) The current bill as written requires you to have filed a 2019 tax return or a 2018 return if you haven't filed your 2019 return yet by the time the checks go out, and it would send the benefit checks to the address listed on the tax return. See below for updating your information with the IRS. If you're not required to file a tax return due to being on Social Security, the government will use the information on your Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement. For Those On Social Security or SSDI For those on Social Security as part of retirement or through the Social Security Disability Insurance program can have their Social Security Administration data used directly to claim the stimulus check - no tax return will be required. For Those On SSI However, beneficiaries of Supplemental Security Income, which often benefits old or disabled people in poverty, are not included in the current version of the bill. Other 2020 Stimulus Programs Beyond the direct checks to individuals and families, there are a variety of other programs that are providing tax credits and loans to individuals and small businesses. We will update this section as programs emerge. Families First Coronavirus Response Act (FFCRA) The biggest stimulus program right now is the Families First Coronavirus Response Act (FFCRA), which expanded paid leave and sick leave for millions of Americans. It also has tax breaks to help small businesses provide these expanded benefits. The biggest component of the FFCRA is the emergency paid leave. You can qualify for leave if you meet any of the following six requirements: You are subject to a federal, state, or local quarantine or isolation order related to COVID-19. You are quarantined at the direction of a health authority or healthcare provider to prevent spread of COVID-19. You are experiencing symptoms of COVID-19 and is seeking a diagnosis. You are caring for another person who is subject to #1 or #2 above. You are caring for a child or another person due to closure of a school or other facility due to COVID-19. You are experiencing similar conditions that have been specified by the US Department of Health and Human Services (HHS). Full-time employees can get up to 80 hours of paid leave, which would be covered by the US Government (so it's not a monetary burden to your employer). The amount of the benefit is determined by which reasons you qualify for. If you qualify due to reasons #1, #2, or #3, you will receive the greater of: your rate of pay, Federal minimum wage, or your local minimum wage. The maximum benefit is $511 per day, or a total of $5,110.  If you qualify due to reasons #4, #5, or $6, the amount is 2/3's the rate above, with a maximum benefit of $200 per day, or a total of $2,000. These are other benefits as well, check out this guide for more. Student Loan Relief The Department of Education has issued a lot of special options for families with student loan debt during this crisis. Some of the key highlights include a student loan interest freeze, the ability to defer payments for at least 60 days with no penalty, and more. The current proposal also includes a freeze on payments on student loans through September 30, 2020. This is currently just a proposal, and we will update when we have the official text of the law. We have a full guide to it here: Coronavirus student loan relief programs. History Of Stimulus Checks Stimulus checks aren't a new idea. In fact, in the last 20 years, the United States has given out stimulus checks three times. They've been used as a tool to combat major recessions in the United States. Here are some past examples: 2001: Economic Growth and Tax Relief Reconciliation Act of 2001 provided $300 for single filer taxpayers and $600 for joint filers. 2008: Economic Stimulus Act of 2008 provided $300 to $600 per person, $1,200 for married couples, and $300 per child. 2009: Economic Recovery Payment of 2009 provided $250 for beneficiaries of select retirement programs, including Social Security, Veterans Affairs, and Railroad Retirement. How To Get A 2020 Stimulus Check The Department of Treasury will hopefully start sending out checks to qualified households as soon as possible. They typically use the IRS records to send out checks to families. You must have filed a 2019 tax return, or a 2018 tax return if you haven't filed 2019 yet since the tax deadline was extended. If you haven't filed your taxes yet, don't delay and get started now. If you are receiving Social Security retirement income, or SSDI, and are not required to file a tax return, the Social Security Administration will process your stimulus check information. In 2008, it took two months to start distributing the stimulus checks after the law was signed. President Trump is pushing to have that start much sooner this year. When To Expect My Stimulus Check The Treasury Secretary has said they hope to start issuing checks within three weeks of the bill passing, with the remainder of the checks to be mailed by the end of May. However, the stimulus bill does not provide a specific timeline for payment distributions. Based on past checks, we think this is pretty aggressive, and see it more likely being in May. How Does The IRS or Treasury Know My Address? Checks will start using information from tax returns. The IRS has an "Update My Information" tool that allows you to provide your updated address to make sure your check isn't delayed.

We can get your tax filings up to date quickly so you can get your stimulus check. We can do past year returns up to 7 years back.
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Mike McVay, Accountant
Mike@MikeMcVay.com