When Will We See The Coronavirus Relief Check?
When the $2 trillion stimulus package is passed, when will we see the money?
Offering financial relief to workers and businesses affected by the coronavirus, a lump sum payment will be distributed in hopes of stimulating the economy.
The Senate is expected to pass the bill Wednesday (3/25/20), and the latest proposal suggests adults will receive a check of up to $1,200 ($2,400 for joint tax returns), with families receiving an extra $500 for each qualifying child. Payments would be reduced for higher-income earners.
The time frame, according to Treasury Secretary Steve Mnuchin [USA Today], is to get the checks in the mail within three weeks after Congress passes the bill. Those who set up direct deposit with the IRS will get funds quicker.
USA Today is reporting on a new program that would provide unprecedented jobless benefits to self-employed workers and contractors, who typically aren't eligible. The gig workers would also be eligible for the $600 federal supplement.
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[Information from USA Today]