Millions of Americans are about to see money hit their bank accounts as the massive federal stimulus package begins rolling out.
The $2.2 trillion CARES Act relief bill is sending direct payments to help families struggling with the economic impact of the coronavirus pandemic. Most people will receive the money automatically — no application needed.
How Much Money Will You Get?
- Single individuals: Up to $1,200
- Married couples: Up to $2,400
- Per child: Extra $500
Full payments go to:
- Single filers earning under $75,000
- Heads of household earning under $112,500
- Married couples earning under $150,000
Payments start phasing out above these income levels and stop completely at $99,000 (single) and $198,000 (joint).
Who Qualifies?
You must:
- Be a U.S. citizen or resident
- Have a valid Social Security number
- Not be claimed as a dependent on someone else’s taxes
Good News for Most People
If you filed taxes in 2018 or 2019, the IRS already has your information. The money will be sent to the bank account or address on file. Direct deposits are expected to hit accounts as early as this week.
Warning: Some People May Have to Wait
People who didn’t file recent tax returns, low-income families, Social Security recipients, and veterans may need to take extra steps. Paper checks could take several weeks — or even months — to arrive.
Experts are urging people without bank accounts to open one quickly or use the IRS online portal to provide direct deposit details.
What Should You Do With the Money?
Financial experts recommend using it for:
- Essential bills and rent
- Groceries and daily needs
- Building a small emergency fund
With uncertainty still ahead, saving part of the payment is considered a smart move by many advisors.
The stimulus is part of a much larger package that also includes small business loans, enhanced unemployment benefits, and healthcare support.
Check your bank account this week — relief money is officially on the way for most Americans.