The Money is Coming

The Money is coming. 

(Cheryl McKeiver, PhD) – Here is what you need to know:

• How much?
  • One payment and one payment only of $1,200.
  • As long as your adjusted gross income is less than $75,000
• What if I/we earned more than $75,000?
  • If you earned between $75,000 and 99,000, your check will be prorated.
  • If you earned over $99,000 or jointly $198,000, you are NOT eligible for any money.
• Married?
  • $1,200 each
  • As long as your adjusted gross income is less than $150,000
• Head of Household?
  • $1,200 only
  • As long as your adjusted gross income is less than $112,500
• Got kids?
  • $500 per child under 17 years of age.
• College kids?
  • As long as they are claimed as a dependent, college students will be included into the parents’ payment.
  • $500 per student
• Unemployed prior to the COVID-19?
  • Yes, you are eligible
  • $1,200
• Veteran
  • Yes, you are eligible
  • $1,200
• Social Security Income
  • Yes, you are eligible
  • $1,200
• Social Security Disability
  • Yes, you are eligible
  • $1,200
• Just laid off?
  • Yes, you are eligible
  • $1,200
• Was just in the process of being hired?
  • Yes, you are eligible
  • $1,200
• Caring for a COVID-19 family member?
  • Yes, you are eligible
  • $1,200
• Self-employed? Freelance? Independent contractor?
  • Yes, you are eligible
  • $1,200
• Part-time?
  • Yes, you are eligible
  • $1,200
• Day Care / School?
  • Yes, you are eligible
  • $1,200
• Did you quit your job?
  • Not eligible
• Owe arrears in child support?
  • Not eligible
• Student loans in default?
  • Not eligible
• Owe back taxes?
  • Not eligible

How and when will the money be distributed?

• If you e-filed your taxes, your money will be direct deposited into the account listed on your returns.
• If you receive your SSI/SSD via direct deposit, your money will be direct deposited into the account on file.
• If you receive unemployment, your money will be direct deposited into the account on file.

Additional Highlights for the COVID-19 Bill

• Unemployment:  benefits have been extended 13 weeks. Total time for unemployment benefits are now 39 weeks or 9 months.
  • If your unemployment benefits have recently run out, go to your State website and reapply.
  • Unemployment also increases $600 weekly 
• Student Loans: 
  • Two months interest and payments are waived. In addition there will be automatic payment suspensions for any student loan held by the federal government until September 30, 2020.
  • Garnishments are also suspended during this period.
• I still need money, can I borrow against my 401 (k) or workplace retirement plan? 
  • You can still borrow against your 401 (k)
  • Up to $100,000
• Credit Report
  • Will there be damage to my credit report if I take advantage of any of the benefits?
  • No. But you are encouraged to review all three credit reports.
  • For a free report, go to: www.annualcreditreport.com and review for inaccuracies.
• Renters
  • There is a “stay” on evictions for landlords who have mortgages backed by the government.

Note: This document is not inclusive of all the legislative actions for COVID-19.