Economy

Stimulus Checks Explained

Are you eligible, when will you get a check, and for how much?

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So what’s the deal with all this talk about the federal government sending out checks to help people deal with the coronavirus crisis?

As the plan stands right now, individuals making $75,000 or less per year would get the full amount.  So would couples who file their taxes jointly and make $150,000 or less of combined income.   You can make above these amounts and still may get a check, but just not as much.

What Shutdown?

People impacted by coronavirus want to know how much these federal stimulus checks will be.  

As the plan stands now, individuals who qualify would get up to $1,200.  Couples who file their taxes jointly would get up to $2,400.  Individuals and couples with children would be eligible for an additional $500 for each child they have.

And a big question is - how soon will these coronavirus relief checks get mailed out?  Currently, it looks like sometime in early April, and perhaps again in June.  This is where the debate starts about how much of an impact these checks have, and who they are designed to help, individuals who have lost work, businesses who have lost a lot of customers, or both?

A move like this is not without precedent.  President George W. Bush and Congress agreed to send out stimulus checks after 9/11, and again during the 2008 economic meltdown. 

Tens of thousands of people have filed for unemployment in Connecticut alone as workplaces struggle with a lack of business or are mandated to close during the coronavirus crisis.

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