In March 2020, a $2 trillion stimulus bill was approved. The goal behind the COVID stimulus bill is to provide the American people with money during the slowdown of the economy. According to CNBC, nearly 4,000 start-up jobs were cut in March, and up to 47 million jobs could be lost due to the economic effects of COVID-19.
What is a stimulus check?
According to Investopedia, stimulus checks are checks sent by the US government to taxpayers to boost their spending power and spur economic activity.
Corona checks
Millions of American individuals will receive $1,200 checks, and couples will receive $2,400 checks if your income is up to $75,000. The stimulus relief bill states that a $500 check will be sent to all eligible dependents under the age of 17. Exact stimulus check payment dates have not yet been released to the public.
Americans do not have to apply to receive their stimulus checks. If the IRS has access to your bank account information for 2018 or 2019, you will receive funds via direct deposit.
Spending your corona check
Although most businesses and government agencies are allowing penalty-free payment deferments, continue to pay on time if you can. Skipping payments make it easier to get behind while payment amounts continue to add up.
If you are still receiving a steady income, it is best practice to save as much of your stimulus check as possible during these times of uncertainty. It is not known how long this economic shutdown will last.
Action
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