There has been a lot of speculation in the news about when the stimulus checks will arrive. After almost a month of sheltering in place, and many being unemployed for as long, when those payments will arrive has become a vital piece of information.
According to Larry Kudlow, director of the U.S. National Economic Council, and an economic adviser to the President, the checks will start being sent out as early as this week.
Approximately 175 million Americans will receive stimulus payments. When they will arrive is unknown exactly. Treasury has said that any qualifying taxpayers who recently used a bank for direct deposit on their tax return will get them first, automatically into their account.
And if you are wondering exactly how much you will get you can refer to IRS.gov for more information. If your adjusted gross income is less than $75,000 for single filers, and $150,000 for married filers you will receive the full payment of $1200 per adult, $500 per qualifying child.
What is the money? According to the American Enterprise Institute the checks are technically an advance on the refund you would receive on your 2020 tax return. But, so far, it looks like if you do not qualify for a refund you will not be required to pay it back. And it is very likely that Congress will create some sort of disaster relief package for tax filers due to the pandemic in 2020.