The IRS will be sending checks or making automatic deposits to residents who qualify for coronavirus relief. A bill, which unanimously passed the U.S. Senate on March 26, is expected to be signed into law within the next few days.
You do not have to apply for the relief payments included in the $2 trillion coronavirus relief package currently going through Congress. The money will be sent to individuals automatically through direct deposits or checks from the IRS — if you qualify. Payments could come as early as three weeks from now, according to Treasury Secretary Steven Mnuchin.
The U.S. Senate unanimously approved a $2 trillion economic rescue plan March 26 that includes money sent directly to individuals. It also includes expanded unemployment coverage, student loan relief, and more. The bill is expected to be quickly approved by the House of Representatives and signed into law by President Trump within a few days.
Payments for most adults will be $1,200, although some would get less, depending on income. The full amount will go to U.S. residents with an adjusted gross income of $75,000 or less. For married couples with no children, that income amount is $150,000 or less. Heads of household earning $112,500 or less also will get the full amount.
Families with qualifying children ages 16 and younger will receive an additional $500. This is a one-time payment
College students under the age of 24 whose parents pay for at least half of their expenses are not eligible.
The payments will go to people who are receiving Social Security retirement and disability payments as well as eligible unemployed and veterans.
Also in response to the novel coronavirus pandemic, the IRS extended the deadline to file and pay federal income taxes to July 15, 2020, from April 15.
NOTE: Questions about the stimulus package can be asked and answered by U.S. Senator John Cornyn, the Small Business Administration, and local leaders during a Tele-conference Q&A held on Zoom from 2-4 p.m. Monday, March 30. The Q&A is public.
