Individuals and families qualify for the historic $2 trillion stimulus package
Photo: whitehouse.gov
On March 27, 2020, President Donald Trump signed a $2 trillion stimulus package after Congress passed it on Friday. Governor Roy Cooper also ordered people in the state of North Carolina to stay at home for thirty days to slow the spread of COVID-19. Cooper’s Executive Order No. 121 takes effect on Monday, March 30 at 5 pm and reduces any gatherings to 10 people.
With many North Carolinians out of work, or working reduced hours, fear of how bills will get paid has many people questioning how they will make it through a 30-day period with little to no income.
Now that the stimulus measure has been passed and signed into law, the distribution of the stimulus package would come through the IRS. The IRS will use 2019 taxpayer forms to determine how much a person’s check should be and where it should be sent. The IRS will use information from taxpayers’ 2018 forms for those who have not yet filed.
Low-income residents who didn’t file taxes should still fill out a form. Residents with nontaxable income and those receiving Social Security benefits should still qualify.
Individuals making up to $75,000 a year would receive a one-time payment of $1,200, with an additional $500 per child. The payments would progressively decrease for individuals making more than $75,000, with an income cap of $99,000. Treasury Secretary Steven Mnuchin said that Americans should start getting checks within three weeks.*
Any person who moved since they filed their last returns should submit a change of address form, which normally takes four to six weeks to process if they plan on receiving a paper check. The payments will be automatic for people who have filed a tax return or gotten Social Security benefits.
The payment will be distributed by the same method residents received their tax refunds. Payment is not affected by past-due state or federal taxes. Residents behind on child support payments can expect the IRS to reduce the amount of the stimulus payment.**
If 2019 or 2018 taxes have been filed, no additional steps are needed to apply for the stimulus relief. Residents that have not filed should do so quickly to receive a stimulus payment. The IRS has a special coronavirus landing page on its website, which it will update as more information becomes available. Currently, the web page says, "Stimulus payment checks: No information available yet. No sign-up needed. Instead of calling, please check back for updates."***
While this will not alleviate all the problems brought by COVID-19, it will help.
* Ben Popken “Stimulus checks are coming — here's how to make sure you get yours quickly.” Nbcnews.com, March 26, 2020.
** Josh Lederman and Sahil Kapur " Coronavirus checks, direct deposits are coming. Here's everything you need to know." NBCnews.com March 26, 2020
*** Irs.gov Coronavirus Landing Page
