As approved by Congress, a $2 trillion economic rescue plan includes payments to individuals, expanded unemployment coverage including self-employed and much more.

Here is what you need to know:

  • Most adults will receive a one-time payment of $1,200, although some will be less. Every child under 16 adds an additional $500.
  • Check your adjusted gross income on line 8b of your 2019 federal income tax return. The payment amounts vary based on income and marital status. If you haven’t filed your 2019 taxes yet, you can use your 2018 return. Try the calculator provided by the Washington Post to estimate your payment.
  • Payments could arrive as early as April, and if they IRS already has your bank info, you’ll receive it via direct deposit.
  • Unemployment benefits are expanded to include self-employed and part-time employees. Eligible workers will receive an extra $600 per week. The bill adds 13 extra weeks of payments.
  • If you rely on childcare that is closed due to COVID-19 and cannot work, you may be eligible.
  • View the video here for additional information on the stimulus check process.
  • Refer to irs.gov/coronavirus, www.usa.gov/coronavirus or other reliable news sources for updates and details.

 

Updated 3/29/20

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