By Liz Calvo
We can all agree that the year 2020 has been the most stressful year of our lives. These uncertain times have made many things difficult, including making money.
Thankfully, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help compensate people who are struggling to get by during the pandemic via a stimulus check.
In addition to the CARES Act, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act was proposed, according to Nancy Pelosi, to act as a $2.2 trillion (about $6,800 per person in the US) stimulus package in response to the COVID-19 pandemic. This new stimulus check will be the second passed this year if the HEROES Act gets approved by Congress.
So, what is the stimulus check?
As mentioned, the stimulus check was created through the CARES Act and is sent by the United States government to taxpayers to increase spending power and continue the economic activity. It was primarily created and used during the Great Recession of 2008 by the United States Department of Treasury.
The stimulus check is often mailed or direct deposit depending on how you filed your taxes.
What are the details of its arrival?
As previously stated, this new stimulus check was created under newly proposed legislation the HEROES Act and will be taken to Congress for voting and approval process. This will be a continuation of the previous stimulus check.
However, President Donald Trump suggested on Twitter that Republicans should end negotiations over the new stimulus check until after the presidential election.
Additionally, Trump also rejected House Speaker Nancy Pelosi’s request for economic aid.
“Nancy Pelosi is asking for $2.4 Trillion Dollars to bail out poorly run, high crime, money that is in no way relating to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and she is not negotiating in good faith. I am rejecting their request and looking to the future of our Country.” Trump states, “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
How much will it be?
If we do follow through with the stimulus checks, we will be offered as follows: most Americans who live independently will receive up to $1,200; married couples who either file their taxes separately or jointly will receive up to $2,400; and if you have children, who are 16 years or younger, you will receive $500 per child.
How do you qualify?
If you applied for the last check then you may know how to qualify for this one. However, for those of you that did not, what follows is the criteria required to qualify for the stimulus check.
You qualify for the stimulus check if you are a United States citizen or resident immigrant, you have a work-eligible Social Security number, and you are not claimed as a dependent on someone else’s federal income tax return.
Contrarily, you are ineligible for stimulus payment if you earn more than the income limit. That applies to anyone whose reported adjusted gross income for tax years 2018 or 2019 was at least $99,000 for individuals and married couples filing separately; $136,500 for heads of household; and $198,000 for married couples filing jointly.
You will receive a reduced payment if your income is lower than the limit, but above the following thresholds: $75,000 for individuals, $112,500 for heads of household, and $198,000 for married couples filing jointly.
Who is it for?
This stimulus check is primarily aimed at those living in middle-class and low-income households.
Do immigrants pass?
Immigrants do qualify for stimulus checks. However, nonresident immigrants qualify if they hold a current green card from Immigration and Naturalization Services (INS), not electing to be a resident immigrant, and have spent at least 183 days (about 6 months) in the United States in the present year.
Is this different than unemployment?
The stimulus check works with unemployment to enhance the benefits by adding an extra $600 in weekly benefits.
Even if you are self-employed you can still collect these benefits if you are at a loss of income.
Therefore, if you are newly unemployed, please apply through your state unemployment insurance website to obtain these benefits.
If you want to find out your present status and if you qualify for the stimulus check, please do so here on the IRS website.