March 26, 2020

Updated on March 30, 2020

  • Treasury Secretary Steven Mnuchin declared that Americans that requested direct deposit on their tax return could expect their stimulus checks to be deposited directly into their bank account within three weeks.
  • If you filed a paper copy tax return or opted out of direct deposit, the government will send a check in the mail.
  • The following will not receive a stimulus check: children who are 17 or 18 years old, adults claimed as dependents, nonresident aliens, estates, individuals who earn more than $99,000 or married couples earning more than $189,000, and people who have not filed their 2018 and 2019 tax return.

Click here to learn more about the stimulus package.

Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation.

  • The White House and Senate leaders struck a deal to pass a $2 trillion virus stimulus package to assist struggling businesses and taxpayers.
  • Individuals who are earning $75,000 or less in adjusted gross income will receive a check for $1,200 while married couples earning up to $150,000 would receive a check for $2400 – and an additional $500 per child in their household.
  • The new deal also calls for a new pandemic unemployment assistance program to provide assistance to those who are unemployed, partially employed, or for those who are unable to work due to the virus outbreak.

On March 25, Senate leaders approved a $2 trillion stimulus package created to assist struggling businesses as well as taxpayers. Because of the Coronavirus pandemic, many Americans have been left without jobs and businesses are unable to draw in any customers, causing an economic downturn. So what does the stimulus package mean for everyone, and how do you know if you qualify for the benefits and relief this package provides?

Under the stimulus package, individuals who are earning $75,000 or less in adjusted gross income will receive a check for $1,200 while married couples earning up to $150,000 would receive a check for $2400 – and an additional $500 per child in their household. If an individual makes more than $99,000 or if a couple makes more than $198,000 combined, they may not be eligible to receive a stimulus check. 

The bill also provides assistance to those who are currently unemployed by giving jobless workers an additional $600 a week for four months, on top of their state benefits. The new deal also calls for a new pandemic unemployment assistance program to provide assistance to those who are unemployed, partially employed, or for those who are unable to work due to the virus outbreak. This will include independent contractors and the self-employed who don’t typically qualify for this type of assistance.

The stimulus package will not only include provisions to assist people who have lost their jobs due to the outbreak, but also bail out large corporations that have been negatively impacted by the economic downfall. The bill will also support small businesses that face an existential threat due to measures taken to counter the virus outbreak. There are many new developments expected to be announced within the coming days, so make sure to monitor for updates on how the stimulus package can affect you. 

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