Coronavirus now forces everyone in the United States to stay in the comfort of their homes. This means that all Americans-- not in line with the profession of frontliners-- have the option to work at home. Not everyone, however, can work on their homes. This is the purpose of the newly-signed Coronavirus Stimulus Check. Here are some of the things you must know, including how much you will be getting and where exactly you can get your money?
US Stimulus just got signed; How much is it and where can you get it?
Coronavirus Stimulus Check: How Much Will You Get? Expect Venmo and Cash App to Deliver it Straight to You
On Friday, Mar. 27, the US President Donald Trump has signed the largest stimulus package ever recorded in the history of American government. A massive $2 trillion emergency spending bill is now a law and has currently taken effect.
US stimulus check will be delivered to all citizens of the country, businesses, and healthcare facilities. This will be the government's help for the finances of all individuals in America to provide their needs until the virus subsides.
"This will deliver urgently needed relief to our nation's families, workers, and businesses. And that's what this is all about," Trump said at a signing ceremony in the Oval Office.
How much can you get from stimulus?
As explained via CNN, all individuals in the US are eligible to get their share from the stimulus fund. However, not everyone can. The average amount that a citizen can get from the stimulus check ranges from $200 up to $2,400. The amount that you will receive depends on your income, as determined in the 2019 or 2018 tax returns.
Here are the examples. If you're a single person with no children and have a gross income of $75,000, you are entitled to a stimulus fund worth $1,200. The amount will be decreased by $5 for every additional $100 of adjusted gross income. This means that if you're single, that has a total income of over $99,000, you will no longer receive any stipend from the government.
If you're married, here's how it works. Couples that earn $150,000 will be given $2,400 as a stipend. The same goes for single people; if you're making more money based on your taxes, you will receive a lesser amount. If the couple's gross income is amounting to $198,000 and above, the government will no longer give you stimulus funds.
Another factor is on whether you have a children. If you're a single parent of children ages 16 years and below that earns under $109,000 a year, you'll get additional $500 for each child. The same thing happens to a married couple that makes below $208,000.
If you're under the category of the unemployment assistance package, you're eligible to receive $600 per week-- or on top of what your state gives you for up to four months, according to CNN Correspondent Brian Todd.
Where can you get your money?
As announced, the official giving of the funds is not yet said. However, the money will likely be deposited directly into each citizens' bank accounts.
For people that do not have a bank deposit account, online payment apps called Venmo and Cash App might be used.
According to the report, the US Treasury Department has not yet finalized whether online cash apps may be used to transfer funds. However, Venmo and Cash App voluntarily ask the government to use their platform to make a faster sending of money.
"People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help," tweeted by Jack Dorsey, the founder, and CEO of Square, which owns Cash App.
