Questions surrounding stimulus checks answered
The Senate unanimously passed the largest relief bill in U.S. history. It includes sending checks of $1,200 to most Americans and expanding unemployment benefits.
How large would the payments be?
Single adults could see up to $1,200, if income is $75,000 or less. That means some could see less or no money at all. Single people earning $99,000 or more won't receive a check. Married couples without children who earn $150,000 or less would receive a total of $2,400. And someone filing as head of household would get the full payment if they earn $112,500 or less. For every child age 16 or under, you'd receive an additional $500. Married people earning $198,000 will not receive a check.
How is my income being determined?
If you have filed a tax return for 2019, that will be considered your income. If you haven't prepared your taxes for 2019, your 2018 return will be used. If that hasn't been filed yet, you can use a 2019 Social Security statement showing your income.
When will checks be sent out?
U.S. Treasury Secretary Steven Mnuchin said Wednesday that he expects direct payments to taxpayers from the $2 trillion aid package to start in three weeks.
Would I have to apply to receive a payment?
No, if the Internal Revenue Service already has your bank account information it will transfer the money to you via direct deposit.
How far does $1,200 go?
According to Tatiana Bailey, an local economist, the average rent in Colorado Springs is now $1,200 and the check doesn't account for other expenses like groceries, car payments, etc.
How could the stimulus package help small businesses in Colorado Springs?
According to Bailey, about 92% of the local economy in the Pikes Peak region is small business. The stimulus package will give small businesses access to $350 billion in forgivable loans, giving businesses here in Colorado springs a chance to survive this pandemic.
How would the stimulus package help corporations?
Corporations like the Department of Defense, Harris and Boeing are corporations in Colorado. Bailey says they are specifically written up in this package and could in turn help Southern Colorado recover from from an economical decline a bit quicker. Boeing alone could qualify for $17 billion out of the proposed $2 trillion stimulus package.
