What the Government Stimulus Package Means to You
April 8, 2020 | Peyton Sawyer
As COVID-19 plagues our country, Americans are suffering, not only medically, but financially. With business closures and stay-at-home orders in effect, many are faced with a loss of income. The loss is greatly affecting people and their ability to pay bills, buy food and purchase medications that are vital to their health. Because of this economic hardship, President Trump has signed a bipartisan $2 trillion economic relief plan to provide assistance to the tens of millions that are experiencing financial difficulty due to the coronavirus pandemic.
The components of the economic relief plan include a stimulus check, student loan adjustments, expanded unemployment coverage, a change in retirement accounts, and more. With that being said, are you wondering what the relief plan looks like for you, and how much you will receive in payment?
How Much Will You Receive in Your Stimulus Check?
The amount you receive in a stimulus check will depend on your income. If you are a single adult with an adjusted gross income of $75,000 or less, you will receive $1,200. If you are married with an adjusted gross income of $150,000 or less, you will receive a check for $2,400. If you file as head of household, earning less than $112,500, then you can expect the full payment of $1,200. In addition, an extra $500 will be provided for every qualifying child that is 16 years of age or younger.
For any individual with an income above those figures, the stimulus payment will begin to decrease until one is no longer eligible to receive payment. For instance, if you are a single adult with an adjusted gross income of over $75,000, you will not be eligible for the full amount of $1,200, but you will still qualify, the same goes for those of you who are married making over $150,000. Once your adjusted gross income has surpassed income guidelines, you will no longer be eligible to receive a stimulus payment. For a single adult that amount is $99,000, for a married couple with no children, that amount is $198,000, and for a married couple with two children, the amount is $218,000.
Eligibility to receive a stimulus payment of any amount will require a valid social security number. Exceptions will be made for those in the military.
When Can You Expect Your Stimulus Check?
The stimulus payment will be either direct deposited or sent out as a paper check. Treasury Secretary Steven Mnuchin said that those receiving checks should receive them by April 17, 2020. If you are using a new portal it may take a little longer to receive and confirm the information provided. As for paper checks, there has been no mention from the I.R.S. when they should be expected.
Spending Stimulus Check Funds
The money you receive in a stimulus check can be used in any way you see fit. This money has been provided to help Americans in their time of need. So, if you need the money to pay rent or a mortgage, buy food and toiletries, or fill a much-needed prescription, then do so. If you do not need the money because you are still working, have saved for an emergency, or have enough to cover costs with unemployment, then save or help to replenish your savings with the stimulus check you receive.
Because most Americans are living from one paycheck to the next, without having an emergency fund to sustain them, the stimulus payment will certainly help. While it may not be enough to cover your standard monthly bills, it can help you to purchase necessities; such as groceries. As for rent, utilities and other bills, try contacting your providers or lenders to see if they have a COVID-19 relief plan set into place. Any extension on your monthly payments will help. Just be smart when setting up payment arrangements, some providers are charging interest during the extension and will require payment in full when the extension has come to an end.
Remember, that while it is taking months for the coronavirus reach its apex, it will also take months for it to decline. So, if you are suffering financially, you want to spend smart. If budgeting was difficult when you had an income, it is probably next to impossible now, but you are not alone. There are many people struggling to make ends meet. It may be time to consider financial assistance from a private lender. To get started, try searching for title loans near me or title pawns near me to find auto pawns; such as the services that Georgia Auto Pawn, Inc. can offer. Store representatives are waiting to help you get the extra title pawn cash you need today.