The Money is Coming

Written by on March 31, 2020

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. 


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