Stimulus check for Corona Virus? Here are the details.

Americans will soon get stimulus “check” to help them financially as the country and world deal with the financial burdens of the Corona Virus.

The $2 trillion stimulus package signed by President Donald Trump on Friday is the largest emergency aid package in U.S. history with $250 billion of it going directly to American households. The federal governmant will automatically process your payment if you qualify.

The money would be deposited directly into individuals’ bank accounts if they have authorized the IRS to send their tax refund that way over the past two years. If not, the IRS would send out checks in the mail. Follow Spotlife Asia for the latest news and updates.

Treasury Secretary Steven Mnuchin said the White House wants the payments distributed by April 6.

“Our expectation is within three weeks we will have direct payments out where we have depository information,” Mnuchin said. “We’re looking to get a lot more information and we have procedures to do that.”

The stimulus payment is actually a refundable credit against your 2020 tax liability and is paid out as an advanced refund. That means you don’t have to wait to file your 2020 taxes to get the money.

In fact, if you don’t qualify for the stimulus check now based on your 2018 or 2019 tax returns, you may be able to qualify to take the tax credit next year when you file your 2020 taxes if your income meets the thresholds

Single adults with income up to $75,000 will get a $1,200 payment. Married couples with income up to $150,000 will get $2,400. Single parents who file as head of household with income up to $112,500 will get the full $1,200 check.

Additionally, Americans with children will get an additional $500 per child under 17.

Also Read: The facts an myths of Corona Virus

Reduced checks will be available for single adults who earn between $75,001 and $99,000 and married couples who earn between $150,001 and $198,000. The check will be reduced by $5 for every $100 over $75,000 for single adults and $150,000 for married couples.

Those without a Social Security number and nonresident aliens, those who aren’t a U.S. citizen or U.S. national and don’t have a green card or have not passed the substantial presence test aren’t eligible.

You’re also ineligible if your parents claim you as a dependent on their taxes.

If you are retired and did not file a 2018 or 2019 federal tax return, you still may be eligable. The IRS will use your Social Security benefit statement to determine if you can receive a payment.

In addition to giving coronavirus stimulus payments to individual taxpayers and families, the law provides financial aid for businesses and industries staggered by the virus.