As coronavirus devastates much of the world, the United States Congress has passed a series of bills to aid people and companies impacted by virus. One bill, known as the Coronavirus Stimulus Check Aid, Relief, and Economic Security Act, or the CARES Act, was designed to provide economic stimulus. This $2 trillion bill included many different components.
Among these were help for small businesses, additional resources for healthcare workers, increased unemployment benefits, and loans for corporations. Additionally, many Americans will see direct payment as a result of this legislation.
On Friday, March 27th, 2020, President Donald Trump signed the CARES Act into law. In a discussion with reporters, Secretary of the Treasury Steven Mnuchin said, “We’re determined to get money in people’s pockets immediately.” Many experts believe Americans will see these direct payments deposited in the coming weeks.
How Much Money Will You Get?
The majority of American workers who earn less than $75,000 will be eligible for a one-time payment of $1,200. Married couples would receive $2,400. In a family, each child would raise the amount by $500. Thus, a family of four who earned less than $150,000 could expect to see a payment of $3,400.
However, there are some exceptions to these numbers. People earning between $75,00-$99,000 will be reduced based on income. Individuals making more than $99,000 and couples earning more than $198,000 would not be eligible for any cash payment.
In addition to the income threshold limits, you have to have a social security number to receive payment. You also need to not be claimed as a dependent. This means that if you’re a college student and your parents claim you on their taxes, you are not eligible for payment even though you are an adult.
If you meet the requirements and are wondering how much money you can expect to see, this Coronavirus Stimulus Calculator can help.
Coronavirus Stimulus Check Template Contents
When you download this free Coronavirus Stimulus Calculator, you will receive a file with two Excel worksheets.
- Tax Family
These are design to help you accurately calculate the total amount of money from the CARES Act.
Know How Much Stimulus Money You Will Receive
Once you complete the four orange cells on this worksheet. Now you can see how much money you will receive from this economic stimulus package. Having this number can help you budget for it, so you will have a plan for it when you receive it.