Coronavirus Information Report

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Because of COVID-19, millions of Americans have been forced out of work and many businesses have shut their doors.

Several options are being discussed as a way of putting more money in the hands of people who need it the most. The one time $1200 follow up might be the easiest to get passed through congress. Other ideas being proposed are the following:

Universal Basic Income: $2,000 monthly payments for adults over 16 makings less than 130K a year. This would last at least 6 months. A follow-up stimulus doesn’t have to be $1,200. It could be more, could be less.

Payroll Tax Cut: Although it would be a welcome boost for those working, it doesn’t do much for those who don’t have a job.

When will you get a payment?

April 24: Paper checks started going out the week of April 24th. People who have not provided direct-deposit information to the IRS will receive a paper check in the mail. The IRS will be sending those checks to their last known address. Those payments will be prioritized to the lowest-income Americans, with those who have an adjusted gross income (AGI) of $10,000 or less being first in line, according to ABC News.

April 24-Sept. 4: The IRS will mail out about 5 million paper checks a week, according to The Post. On Friday, people with incomes above $20,000 but less than $30,000 will be sent checks.

Early May: Stimulus payments will go to those receiving Social Security retirement and disability benefits, Railroad Retirement benefits, Supplemental Security Income, and VA benefits in early May. Those recipients do not have to have filed a recent tax return to get the payment. The money will come to them via the way they receive their regular monthly check. The payments will be for the maximum amount of $1,200.

May 8: People with incomes of $30,000 to $40,000 will be sent checks. That process will continue weekly with checks sent to the next batch of people with AGIs $10,000 higher than the last batch until all the checks have been dispersed.

Sept. 11: The IRS will send the remaining payments to those with no prior deposit information.

Need to know how to get a payment? Go to the Internal Revenue website tool here and click on “Non-filers: Enter Payment Info Here” to submit direct deposit account information to receive a payment, according to Treasury Sec. Steven Mnuchin.

Source: CNBC

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Alexis Zarycki is your average girl with the hopes of leaving an everlasting impact on the world. Follow her on Instagram @official_lexpaige