SAN FRANCISCO (KGO) -- The vast majority of Americans will be getting checks from the federal government as part of the $2 trillion stimulus package in response to coronavirus pandemic. But when will you receive that money, and how much will you get?
Folks are suddenly out of work, rent's due, bills are mounting. The bill seems to be arriving just in time. Nearly 85 percent of Americans will receive a cash payment of up to $1,200 per person or $2,400 for married couples. But there's a sliding scale.
Here's how it breaks down:
- Single taxpayers earning up to $75,000 will get the full $1,200 payment.
- Married couples earning up to $150,000 will receive $2,400
- Families also receive $500 per child
What if you earned more?
- For every $1,000 above the cap, subtract $50 from the check amount (until it goes down to zero)
- Singles earning over $99,000 and couples earning over $198,000 will receive nothing
But now as paychecks dwindle, everyone wants to know -- when will I get my check?
"We want to get cash to Americans right now, and by right now I mean the next two weeks," said Treasury Secretary Steve Mnuchin -- 10 days ago. Now, Secretary Mnuchin says checks will go out in about three weeks. Some say that's optimistic. It took three "months" to get checks out in 2008 during the "Great Recession."
However, with electronic tax filing, the process could be quicker.
And there's more relief. The bill provides $600 per week in unemployment benefits on top of the state payments. And more workers qualify, including part-timers and gig workers. Those federal benefits run through July.
You don't have to do anything to get your stimulus check, or a direct deposit. The government will calculate your benefit using your last tax filing. You might get money faster if you used direct deposit when you filed.
Using the guidelines spelled out in the bill, we're providing a calculator to help you figure out the amount that you're likely to receive.
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