Will you be getting a coronavirus stimulus check from the government? Here are the rules:
- Everyone is eligible except for non-resident aliens and those who are being claimed as a deduction by others.
- Seniors, veterans, the unemployed, low-income citizens, gig workers, those collecting Social Security, and contract workers are all eligible.
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- 2018 or 2019 tax returns will be used to gauge the amount of the payment. If someone didn’t file those returns there are other forms available to file for payment.
- Individuals making less than $75,000 will get $1,200 in an initial payment. More could be forthcoming depending on the longevity of the crisis. Head of households also will get $1,200.
- No one who makes above $99,000 will get a payment.
- Couples filing jointly will get up to $2,400 and $500 per child. Couples who make more than $198,000 and file jointly will not receive a check.
- Payments will be made, when possible, by direct deposit.
- Notices will be sent out to a person’s last known address informing them of their payment and method of payment.
These payments are expected to fuel an economic recovery that will fight the harsh consequences of the coronavirus.
On Thursday the government announced that unemployment claims for last week rose to 3.28 million. Though, it is less than some were predicting. That number breaks a record that is decades old.
Fox News analyst Maria Bartiromo comments, “Last week, we had 281,000 unemployment benefits, but in the last week, in the last month, companies have been furloughing employees, unemployment has actually picked up in the last week as this coronavirus situation worsens. I would say at these numbers, 3.28 million unemployment claims, you’re talking about an unemployment rate of above 5 percent for sure.”
On Thursday U.S. equity markets climbed higher and stocks continue their multi-day upward swing. News on a vaccine or antivirals in the works could see stocks climb higher sooner than currently expected.