What Car Stuff Will You Buy With Your $1200 Stimulus Check?

Darnell Taylor
March 27, 2020

The Senate unanimously passed a massive $2.2 trillion coronavirus emergency rescue package late Wednesday, and among its many tools to bolster the economy amid the COIVD-19 pandemic is $290 billion set aside for direct payments to most Americans. Those who have direct deposit information on file with the IRS will see the money sooner; those who do not will get checks mailed to them, so it could take weeks for the money to arrive.

The more you earn, the less you will get.

"The last time the USA government did anything like this, back in 2008", the Post reports, "the payments went out in batches and it took about eight weeks for the final people to receive their checks".

Parents with children who are 16 years old and younger will receive $500 per child.

If you're a single USA resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the US government. For those who have not yet filed their taxes this year, it will be based on 2018 returns. Those checks will amount to $1,200 for single individuals and more for married couples and for parents, along with other payments.

READ: $2 Trillion Coronavirus Relief Bill
Baldwin said they are hoping to do a voice vote in the House, as coordinating 435 members is a lot more hard than 100 senators. And the legislation will provide direct payments to most Americans and significantly bolster unemployment insurance benefits.

Data from your 2019 tax return will be used to determine how much you will get. If you make between $75,000 and $99,000, you'll get a reduced check ($5 less for every $100 you make above $75,000).

According to the Tax Policy Center, about 90% of Americans will qualify for a payment. The direct financial aid proposed by the Trump administration will help a little, providing $1,200 payments to adults (double that for couples) along with an extra $500 for every child under the age of 18.

It has not been determined when the money will be sent to people.

For those of you who'll be waiting on a check in the mail, estimates vary as to when you can expect it. Treasury Secretary Steve Mnuchin has insisted on more than one occasion that these will get into the mail in early April, but a likelier bet is that it won't happen until later in the month, if not into May.

The stimulus bill does not provide a specific timeline for payment distributions. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. "As soon as Congress passes this, we will get this out in three weeks".

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