Yahoo News Coronavirus stimulus package: Who is eligible and when will you get your cheques?
President Donald Trump recently signed the biggest relief package in American history, worth $2 trillion, amid the coronavirus pandemic.
The Cares Act (coronavirus aid, relief, and economic security) was passed by the House of Representatives on Monday after much debate between Democrats and Republicans.
The cross-party bill was created in order to help bring relief to those who are struggling financially because of the outbreak.
Employment is rising rapidly in the US to record levels and California governor Gavin Newsom revealed last week that more than a million residents applied for unemployment in the state, in the space of two weeks.
Mr Trump thanked both Republicans and Democrats for making the bill happen, and said the stimulus package was a priority for many Americans.
“This will deliver urgently needed relief to our nation’s families, workers and businesses,” he said.
Now that the bill has been made law, everything you need to know about the stimulus package is below:
How much will you get?
The stimulus package is intended to provide $1200 to every American who earns under $75,000 per year, as well as $500 to every family for every child under the age of 16.
Married couples who collectively earn below $150,000 wil receive $2400.
The payments will be sent out to businesses in order for them to provide relief to their workers and to individuals in order to help them cope during the outbreak.
Money is being used from the bill to increase the capabilities for benefits programmes, and it allows freelancers and part-time workers to apply.
This payment will be a one-off and will be calculated by looking at your 2019 tax return, or 2018 if you have not yet filed a 2019 return.
When will Americans get them?
Most will receive their payment by 17 April, according to the treasury secretary, Steven Mnuchin.
A majority of Americans do not need to do anything to receive it, but the IRS website says: “some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment”.
People who need to file a tax return are likely to get their money later than the rest, but no date has been set as of yet.
The IRS will set up a website soon where citizens can input their banking information in order to get the money electronically instead of through a cheque in the post.
What if you don’t want it?
If you don’t want the payment you will still receive it, unless you do not meet the financial requirements.
A majority of Americans do not need to do anything in order to receive the payments, as the money will be sent out automatically.
What if you’re not a citizen?
If you are working in the US on a green card or visa you will be eligible for the payments if you have a social security number.
Those who are not residents or do not have a social security number will not be eligible.
US citizens working or living abroad will receive the payment if they meet the financial requirements.
Who is eligible?
The package has brought increased funds for benefits programmes, but the amount will vary in each state.
If you are self-employed, freelance or work part-time and are now unable to work, then you are eligible to apply for benefits.
If you are living abroad you will be eligible for the payment, as long as you have a social security number and meet the financial requirements.
You are also eligible if you do not normally pay taxes, but you will be required to submit a tax return in order to get the payment.
Who is not eligible?
If you are able to work from home then you are not eligible for payments.
If you do not have a social security number, you are not eligible for payments.
If you do not meet the financial requirements or have chosen to leave your job, then you will not be eligible.
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