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Coronavirus stimulus checks: What we know so far

Coronavirus stimulus checks: What we know so far
[Photo: cherrybeans/iStock]

Lawmakers in the U.S. have promised (but not yet delivered) a monumental $2 trillion coronavirus stimulus package that’s expected to include $250 billion for direct payments to Americans. You may already be wondering: “Where’s my damn check?”

Crucially, the Senate and House have yet to vote on the bill, and it could wind up further revised and delayed. That’s why you should not bank on swift monetary relief from the Feds. Bearing that in mind, here’s what we know about the proposed stimulus checks so far.

  • Who’s eligible: If you make $99,000 per year or less (for couples: double it), you’ll qualify for something, CNN reports. The checks will be cut based on what the IRS has on file for you for 2019—or if you have yet to file, 2018. Retired seniors and college students not claimed as dependents should qualify, according to CNN.
  • How much: $1,200 for each adult earning $75,000 or less per year (for couples: double it), plus $500 per child in your household. Adults earning more than $75,000 per year but less than $99,000 can expect a partial payout, according to CNN.
  • When: If the IRS has your direct-deposit information, you could get it “within a few weeks of the bill being signed into law,” The New York Times reports, citing “Senate Democratic aides.” Otherwise, you could wait “up to four months” for a check in the mail, those aids reportedly said.
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