On April 3rd, a significant economic relief bill was put into effect by the White House. A portion of the bill offers singular, direct payments to Americans in the following amounts:
$1,200 towards each individual adult
$2,400 towards married couples
$500 towards each eligible child.
Income limitations include:
Individuals who made under $75,000 will receive the full amount.
Individuals who made over $75,000 will receive an amount progressively phased out up to $99,000.
Individuals who made over $99,000 will not receive a payment.
Married couples who made under $150,000 will receive the full amount.
Married couples who made over $150,000 will receive an amount progressively phased out.
By evaluating your latest tax return, the government will decide whether or not you qualify for a check. For those on Social Security, your Social Security benefits statement will be used to determine your eligibility. The government hopes to send the stimulus checks out sometime in late April.
We hope these stimulus checks will help you with any economic losses you have sustained from the effects of the coronavirus and help see you through. Our law firm is ready to assist you if you find that these checks will not make up for your lost income or fear that creditors will make collection attempts during the pandemic. Call today at 816-471-5111 to speak to an experienced team of attorneys who will find the best course of action for you in this unpredictable time.