Everything You Need To Know About Coronavirus Stimulus Checks

Are you wondering where your payments are or what you have to do to get them? We’ll try to help you figure it all out in this quick guide.

What are most people concerned about right now? If it’s not their health, it’s money. And both of those concerns could be linked to the coronavirus pandemic that’s negatively impacted people’s health and finances all across the globe.

Our government aimed to give us some help through Economic Impact Payments. These stimulus checks were authorized to boost the bank accounts of families struggling to stay afloat and inject money into the economy to keep it going after all of the shutdowns.

While the Economic Impact Payments have been welcome news, there’s a ton of misinformation out there. This has led to confusion, and the fact that many haven’t received their payments yet has made it worse.

If you’re feeling a bit befuddled about the status of your stimulus checks, you’re certainly not alone. And now, we’ll offer up some info to help you understand what’s going on.

COVID-19 Stimulus Check Timeline

If it seems like the first Economic Impact Payment was approved a long time ago, that’s because it was. March 2020 is when the preliminary round of stimulus checks was given the OK, so you should have received yours by now.

The second round, meanwhile, was recently approved in December of last year. If you haven’t received that payment, you’ll need to file your 2020 tax return.

The stimulus payments are tied to tax returns. If you haven’t filed returns because you usually don’t have to, you’ll need to do so to receive your payments.

You can get free help with filing your return by using MyFreeTaxes. You can also get help regarding your stimulus payments through volunteers certified by the IRS or by dialing 844-322-3639, which is the 211 Economic Impact Payment Helpline.

Coronavirus Stimulus Payment Amounts

Will you be able to get completely caught up with your bills thanks to these Economic Impact Payments? No. They can certainly help, though, depending on your household size.

The first round of payments offered $1,200 per eligible adult, while dependent children yielded $500 each. The second round of payments dropped the adult amount to $600 each, while dependent children saw their amount rise to $600.

These payouts have gone out via:

• Checks or prepaid debit cards in the mail.
• Direct deposits to bank accounts used to receive Federal benefits or your tax refund.

Eligibility for Economic Impact Payments

One reason why you may still be waiting on stimulus checks is that you’re not eligible. What does it take to qualify for those payments?

• You must not be claimed as a dependent on somebody else’s tax return.
• You must have a Social Security number.
• You must be either a U.S. citizen or a resident alien.
• Your adjusted gross income cannot exceed $75,000 as an individual. $112,500 as a head of household, or $150,000 as a married couple filing jointly.

It’s worth noting that you can make more money than the income limits listed above. This will reduce your payment amounts, however. Individuals can make up to $99,000, while heads of households and couples can earn up to $136,500 and $198,000, respectively.

Again, if you’re wondering where your payments are, use the contact info listed above to contact the IRS or 211’s Helpline.