Mnuchin: Coronavirus stimulus funds will be ‘enormous help’ to Americans
Treasury Secretary Steven Mnuchin says the stimulus relief bill will include enhanced unemployment insurance, tax incentives, loans for small businesses and more.
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Continue Reading Below
The Trump administration and lawmakers are moving ahead with a plan to give many American households direct cash relief amid the economic fallout from the coronavirus outbreak.
The payments are expected to be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
The relief is intended to hold Americans over until the U.S. economy is up and running again – the federal government and state governments have made the decision to shut down many businesses in an attempt to limit human-to-human contact. As a result, many people have either found themselves without a job or with reduced hours.
NEW YORKERS FLEEING CORONAVIRUS HOTSPOT NEED TO SELF-ISOLATE, WHITE HOUSE SAYS
Here’s what you need to know about the direct cash relief:
In order to receive the benefit, an individual must have a work-eligible Social Security number. He or she cannot be the dependent of another taxpayer.
The relief applies to both people without incomes and those whose sole income is derived from a benefit program, like Social Security.
What you need to do
The IRS is administering the program and will determine eligibility based on your 2019 tax return. If that has not been filed, the agency will look at your 2018 paperwork. That includes individuals who file returns for the Earned Income Tax Credit but do not otherwise pay taxes.
The individual is not expected to need to take any action.
CORONAVIRUS PROMPTS TRUCKERS TO ASK TRUMP FOR HELP AS CHALLENGES MOUNT, DEMAND CLIMBS
The phase-out rate is $5 for every $100 above the threshold.
For example, for individuals earning $75,500, the check would be reduced to $1,175.
The benefit phases out entirely for those earning more than $99,000 ($146,500 for heads of household with one child and $198,000 for joint filers without children).
CLICK HERE TO READ MORE ON FOX BUSINESS
The legislation stipulates that checks will be disseminated “as rapidly as possible.”
The New York Times reported on Wednesday that individuals without direct deposit accounts could be waiting up to four months to receive the cash. For others it would likely take weeks.
A spokesperson for the IRS did not return FOX Business’ request for comment on that report.
About 15 days after the payment is made, the taxpayer will get a notice in the mail explaining the payment and providing a phone number to call if it was not received.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business’ Hillary Vaughn contributed to this article.
Source: Read Full Article