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A relief package that will provide about $2 trillion into an economy was signed into law by President Trump. This emergency funding will include checks to U.S. consumers, as well as billions in loans to affected businesses.
The Treasury Department and the Internal Revenue Service provided details on economic impact payments, which will begin in the three weeks following March 30. The payments will be distributed automatically and no action required for most people. However, those taxpayers who do not usually file returns will need to submit a simple tax return to receive the economic impact payment.
Here is some information on economic impact payments to Americans:
- Single people whose adjusted gross income is up to $75,000, and married couples filing jointly with adjusted gross incomes of up to $150,000, will receive the full payment of up to $1,200 and up to $2,400 correspondingly.
- Single people with income above $99,000 and $198,000 for joint filers with no children are not eligible to receive the payment.
- The economic impact payment will be based on tax returns for either 2019 or 2018 and will be sent out automatically. The money will be deposited into the bank account noted on your tax return.
- Parents will also receive up to $500 for each qualifying child.
- In case IRS does not have your bank account information, you can provide it online through a web-portal the IRS is setting up.
- Economic impact payments will be available throughout the rest of 2020.
More details on economic impact payments can be found on the IRS's official website.