Hello and welcome to another #FundMeFriday. Today’s blog post is going to cover these “Stimulus Checks” from the government that everyone is talking about and I hope this answers the questions for all of you who are contacting me about this. First, before all else, I must implore that you stand strong and do not cash out anything unnecessary. If you cannot fund yourself this Friday due to layoffs and such, now is the time to stand strong and not cash out because, this too shall pass and when it does, you want to know that you are safe because you kept your safety net in tact.
Before reading on, keep in mind that this COVID-19 issue is an ever changing monster so there may be tweaks coming to already posted “Stimulus Agendas” so this is the latest information as of March 19, 2020, 6:38 PM EDT reported By Adam Edelman, Sahil Kapur and Julie Tsirkin, here is the information on the payouts to Americans:::
The plan unveiled Thursday night by Senate Republicans to send direct cash payment to help Americans hurt by the coronavirus pandemic would send checks of up to $1,200 per person in a one-time payment — and payments would be based on income.
Under the plan, the details of which were revealed on the Senate floor by Majority Leader Mitch McConnell, R-Ky., individuals making up to $75,000 annually would be eligible for a $1,200 check from the federal government. The cash would be delivered in a one-time payment. Married couples who file their taxes jointly would have to make less than $150,000 to qualify for their payment, which would be $2,400.
From there, according to McConnell's proposal, the payments would decrease. For individuals, the sum of the payment would fall by $5 for each $100 earned over $75,000. The payment would phase out entirely for individuals making more than $99,000 annually, meaning people who make more than that would not get any money from the government, according to the proposal. For married couples earning more than $150,000, the payment would also decline gradually, and it would phase out completely for couples making more than $198,000, according to the plan.
The checks, however, would reduce to $600 (or $1,200 for married couples) for taxpayers who have little or no income tax liability but have at least $2,500 in qualifying income, according to a GOP summary of the plan.
Individuals and couples with children would be eligible for an additional $500 per each child they have.
Payout determinations would be based on 2018 tax returns,
So, as of today, that is the information on the stimulus checks. As for when they will go out, that information is yet to be determined however it is set tentatively to start on April 6th, 2020.
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