One month has passed since Congress passed the CARES Act and many Americans now wonder: Where is my stimulus check?
President Donald Trump signed the Act into law on Friday, March 27, 2020. And to date about 90 million Americans have received their stimulus check from the Internal Revenue Service (IRS).
But that leaves millions more still waiting for what seems like money that is missing. The IRS has had problems in rolling out their program that is supposed to keep people in the loop on when they might receive a stimulus check.
Sometimes the online app, “Get My Payment,” didn’t work as intended or didn’t provide the proper information. Often users would get messages such as “can’t provide that information” at this point in time or “try again later.”
However, the IRS says it has improved the app to answer the question, “where is my money?” Anxious to know about your stimulus check?
The easiest way to find out is use the IRS’s “Get My Payment” app which now seems to work. Here’s where you can check it out here.
Stimulus Check: Who is Eligible
The Act is designed to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. And as you can imagine there’s a lot of people ready and waiting for their stimulus check.
So who is eligible for the money? Image may be NSFW.
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Major components of the bill include:
Direct payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400, plus an additional $500 per child. The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.
Unemployment: The program provides $250 billion for an extended unemployment insurance program and expands eligibility and offers workers an additional $600 per week for four months, on top of what state programs pay. It also extends UI benefits through Dec. 31 for eligible workers. The deal applies to the self-employed, independent contractors and gig workers.
Small business relief: $350 billion is being dedicated to preventing layoffs and business closures while workers have to stay home during the outbreak. Companies with 500 employees or fewer that maintain their payroll during coronavirus can receive up to 8 weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.
Large corporations: $500 billion will be allotted to provide loans, loan guarantees, and other investments; a Treasury Department inspector general will oversee these. These loans will not exceed five years and cannot be forgiven. Airlines will receive $50 billion (of the $500 billion) for passenger air carriers, and $8 billion for cargo air carriers.
Automatically Sent to Social Security Participants
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment.
This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
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