Coronavirus Q&A: I just had a baby -- do I get $500?

SAN FRANCISCO (KGO) -- The new $2.2 trillion "economic rescue package", known as the CARE Act, promises quick money for most Americans, and hefty unemployment benefits. It's also raising a lot of questions.

The package includes a one-time "stimulus payment" to nearly all Americans. The basics of who will get what, when, are fairly simple: within the next several weeks, Americans will receive either direct deposits or paper checks (depending on how they've paid their taxes previously), for up to $1,200. (Use our calculator to see how much you're estimated to receive.)

But some situations aren't as straightforward. So, every day this week, 7 On Your Side's Michael Finney is answering your questions about how the coronavirus is impacting your bottom line, from everything to the stimulus package to unemployment and other aid.

Be sure to ask Michael your questions on Facebook or Twitter for him to answer on air!

Kayla asks: I had my baby in 2020 after our last tax filing. Will I get the extra $500 for my baby?

Answer: Yes, you do get the $500 -- but not this year. The payment is based on your last tax filing when you did not declare your child. However, under the bill, you are supposed to get that $500 bucks next year in the form of a tax credit.

Donna asks: What about those on state disability and Social Security? Do they get nothing?

Answer: Actually they do get stimulus checks just like everyone else -- as long as they are not declared as a dependent on someone else's tax return. Many of you have asked about disabled adults who are dependents. Those folks do not qualify for their own stimulus payment.

Elizabeth asks: Isn't this stimulus check just an advance on next year's taxes? If I get $3,500 this year, will it come out of next year's refund?

Answer: Nope, that is not correct. This is money for you to keep. It won't affect next year's tax refund.

And another point, many are asking me if the stimulus is taxable. No, it is not. This is money that has no tax strings attached.

Get the latest news, information and videos about the novel coronavirus pandemic here

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Take a look at more stories and videos by Michael Finney and 7 On Your Side.