The Coronavirus Aid, Relief and Economic Security Act is likely to pass in the U.S. House of Representatives this week after getting the go-ahead from the U.S. Senate.
As one of the nation's hardest hit areas by the COVID-19 pandemic, many Tri-State residents are due to receive aid, including a check from the federal government or income replacement.
Single adults earning up to $75,000, heads of household earning up to $112,500 and married couples who file their taxes jointly earning up to $150,000 per year in gross adjusted income will receive a one-time payout of $1,200, plus $500 for each child in their household, according to the bill.
If you make more than that, you still qualify for relief, but the amount decreases by $5 for every $100 in yearly income you make over those thresholds.
Single adults earning $99,000 or more per year and couples earning $198,000 per year do not quality.
Income taken into account for the stimulus is based on 2018 tax returns, reports NY1.
The manner in which you receive your money depends on how you get your tax refund.
If your tax refund gets deposited into your bank account from the IRS, you'll get your money faster. If you get your tax refund sent via a check in the mail, you'll find your check in the mail.
When the relief comes is less certain. U.S. Senator from New York Kirsten Gillibrand recently said the checks would be sent about two weeks after the bill passes.
U.S. Treasury Secretary Steve Mnuchin said it would take at least three weeks.
But there's still the matter of how the IRS will count the relief money — whether it will be considered a loan or a gift.
If it is considered a loan, you may have to pay back part of it in a future tax filing. If it is considered a gift, it could be taxable income.
If you are unemployed because of the pandemic, you might be eligible for up to four months of your full salary, which will be paid out by the states. New Yorkers can access that money the same place they applied for unemployment, ny.labor.gov/unemploymentassistance.
Small businesses who furloughed employees due to the virus can get loans to pay those workers through the Small Business Administration. As a way to incentivizing businesses to keep employees following the crisis, those loans will become grants.
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