We keep hearing that people can get federal aid for loss of income but how, when, how much? If things go smoothly, you don’t have to do anything, you’ll either get a check by mail or direct deposit. The amount you get is based on your last IRS tax filing. Here’s an easy breakdown.
Direct Payments
The federal government will be making one-time cash payments directly to our citizens. These payments should be issued during the month of April either by check or direct deposit. How much will you receive?
• Individuals earning less than $75,000 will receive $1,200.
• Married couples earning less than $150,000 will receive $2,400.
• If you have children, you will receive $500 per child.
• Individuals earning more than $75,000 and less than $99,000 – and couples
earning more than $150,000 and less than $198,000 – are eligible for a lesser amount.
Enhanced Unemployment Benefits
If you have lost your job, you can apply for state unemployment benefits.
Congress is enhancing state unemployment to provide more income and to cover more people.
• Adds $600 per week for four months on top of state unemployment.
• Adds up to 13 weeks of additional unemployment benefits to those already enrolled but who are nearing the end of benefits.
• Expands the program to include a number of workers not normally eligible to receive unemployment benefits. This includes:
- Freelancers
- Independent contractors/gig workers
- Self-employed
- Those with limited work history
- Employees who are still employed, but whose hours have been reduced
It is important to apply as soon as possible. To help expedite aid, the federal government is funding the first week of benefits to encourage states to waive traditional waiting periods, but it may still take a couple of weeks to be process.
You should file a return for 2019 asap to prevent being overlooked for these payments. Also, make sure to include direct-deposit banking information on your return so the IRS knows where to send the check.