SIOUX FALLS, S.D. (KELO) — Stimulus checks could be deposited into your account due to the COVID-19 pandemic. But there are a few things you need to know before that could happen.
We still might not receive checks
The Senate unanimously passed a $2 trillion stimulus package 96-0. However, this doesn’t mean you’re getting a stimulus check. The measure has to go to the House for a vote, which will happen Friday.
Where is all that money going?
$2,000,000,000,000 is a lot of money, so how will that be divided up? $250 billion will be set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment and $500 billion in loans for companies.
The plan for this money is to help stimulate the struggling economy.
How much money would I get?
The amount each American would receive depends on a few various things.
- Single individuals – $1,200
- Married couples – $2,400
- Parents – $500 for each child under 17
Another stipulation would be your income. Individuals with adjusted gross incomes of $75,000. People making more than $99,000 would not qualify for a stimulus package. Incomes are based on 2019 federal tax returns if they’ve already filed, if not, your 2018 tax returns.
Provisions are also set in place for individuals who don’t earn enough to file returns.
How do I get this money?
The fastest way to receive this money is through direct deposit. If you don’t have it setup you can click this to sign up to get your refund via direct deposit.
Previously, when the IRS sent stimulus checks in 2008, it took between two to three months for money to start going into accounts after the law was signed. People who had direct deposits most likely received their money faster. Direct deposits had the money in their account over a three week period. Paper checks were sent through the mail over a 10-week period.
What is the IRS saying?
Their website doesn’t provide a lot of information, but the stimulus package hasn’t passed the House yet. Once passed, their page should update with further steps to take.