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Coronavirus Stimulus Checks: What You Need to Know

American DollarsYou may have heard that the U.S. government is sending checks to help Americans manage the financial challenges created by the COVID-19 pandemic. HOPE wants to help members manage this process by providing the following information. 

Who is eligible to receive a check?

Single Adults

  • Adults with incomes up to $75,000 will receive a $1,200 check.
  • Adults will receive an additional $500 per child.
  • Adults making more than $75,000 but less than $99,000 may also receive a reduced check. The amount will be reduced by $5 for every $100 in income over $75,000.

Married Couples

  • Married couples making under $150,000 per year are eligible to receive a $2,400 check.
  • Couples with combined incomes up to $198,000 will also receive reduced checks.
  • Couples will also receive an additional $500 per child.

Head of Household

  • People who file as “head of household” (typically single parents with children) making less than $112,500 in income can receive a $1,200 check.
  • Head of Household will receive an additional $500 per child.
  • Heads of household making more than $112,500 but less than         $136, 500 can qualify for a reduced check.

How will the U.S. government determine if I qualify? How will the checks be delivered?

  • If you have already filed your tax return this year, the IRS will use the income information on your 2019 tax return and send the payment via direct deposit using your bank account on file.
  • If you don’t use direct deposit for your tax return, the IRS will send your check by mail to your last known address in the system. Notify the IRS if you’ve moved recently.
  • If you haven’t already filed your taxes this year, the IRS will review last year’s tax return to determine if you qualify and find your direct deposit information or mailing address.
  • The Treasury plans to create an online portal for people to provide their banking information to the IRS online so that they can receive their checks more quickly than by mail.
  • Senior citizens and Social Security recipients who are not typically required to file a tax return will automatically receive their $1,200 stimulus payment. 
  • Some people who typically do not file a tax return, such as some veterans, will need to file a simple tax return to receive a payment. This includes senior citizens, Social Security recipients, some veterans, and people with disabilities. IRS.gov/coronavirus will will soon be providing information on how people in these groups can file a 2019 tax return.
  • For people who need to wait until they can get a tax professional or a local organization to assist them with filing their taxes, the stimulus check payments will still be available throughout the rest of 2020.

When will I receive this money?

  • The Treasury Secretary is planning to deposit the first batch of stimulus checks into bank accounts by April 15.
  • It’s estimated that most Americans will receive the check in April by direct deposit.
  • Mailed checks could take longer.
  • This timeline is subject to change.

HOPE is here to help.

HOPE is here to help if you need assistance navigating the stimulus check process. If you would like assistance developing a plan on how best to use this resource, please call us at 1-866-321-HOPE(4673).

Since you can now provide your banking information to the IRS online, this is a great opportunity for HOPE members to use their HOPE checking or savings account information to receive their stimulus checks more quickly. HOPE can also open accounts for people who do not currently have a relationship with a financial institution so that they will be ready to quickly and safely receive their stimulus
checks by direct deposit. 

If you’re expecting a Coronavirus stimulus check, the Get My Payment tool provided by the IRS may be a helpful resource. Use it to check the status of your payment, and see if the IRS needs any additional info from you, including bank account information. Access the tool here:  https://bit.ly/getmypayment.

Visit www.hopecu.org/join to open a new account or contact at our call center  at the number above. 

Get the latest details on the program by downloading the official IRS document. 

If you’re expecting a Coronavirus stimulus check, the Get My Payment tool provided by the IRS may be a helpful resource. Use it to check the status of your payment, and see if the IRS needs any additional info from you, including bank account information. Access the tool here:  https://bit.ly/getmypayment.

The IRS is continuing to post all key information on IRS.gov/coronavirus as soon as it becomes available.

Important notice for SSI recipients with children and VA recipients with children:

If you’re an SSI/VA recipient with children, you have until Tuesday, May 5 to enter your dependent information on the IRS website (in the “non-filers” portal)  if you want to get your$500 per dependent stimulus payment this month. Otherwise you will have to wait until you file your 2020 tax return and won’t get the money until 2021.

Those who must act:

1) Did not file a tax return,

2) Are either an individual with disabilities who receives Supplemental Security Income (SSI) or receives Veteran Administration benefits, AND

3) has a “qualifying child” under age 17.

More information is here: https://www.irs.gov/coronavirus/economic-impact-payments.