Coronavirus Relief Check: How Much And How Will Government Get It To You?

If your salary is $75,000 or less you’ll likely get the full amount.

March 29, 2020
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We all know that many are going to be hurting financially by no fault of their own with this virus wreaking havoc on what was a healthy economy. Well the Federal Government will be issuing a check for many of you that have been laid off or your hours severely reduced. But what are the details and when will the funds get to us and how?

Well our media partner News 6 WKMG got some answers for us. 

News 6 spoke with Dr. Tom Smythe, a financial markets expert at Florida Gulf Coast University who said  “Basically the plan is everybody will get something."

So what is that "something" exactly?

Each adult could receive up to $1,200, additionally, families would receive $500 per child, according to the stimulus bill. 

If an individual makes between $75,000 or $95,000 they likely won’t receive the entire payout but could still receive funds. If their salary is more than $95,000 they most likely won’t receive any money at all, Smythe said. He added that families who make more than $199,000 shouldn’t expect a payment either.

“People with the lowest income will see the largest checks,” he said. For example: a family of four-- two adults with two children-- who make less than $150,000 combined could receive between $3,400-$3,600, according to Smythe.

How will the money be sent?

Dr. Smythe says the federal government will likely use direct deposit information to send people their money. Those who receive Social Security benefits or benefits with Veteran’s Affairs would also receive their payments through direct deposit. Now keep this in mind, if the federal government does not have direct deposit information for an individual, they will likely try to track down their most recent address or employer, which could be a time-consuming task. Government officials may also try to find people via electronic benefits transfer cards for people who receive food stamps and other cash assistance. Make sure you have your recent information updated so the government can locate you, especially if you are a family in need. 

What is this money for?

 Dr. Smythe explained the stimulus bill is to help people in the U.S. get through the time of uncertainty. These checks will be a one-time payment meant to help families purchase provisions through the coronavirus crisis.

When will the checks be sent?

According to Coronavirus Live Updates, the relief check deposits should be coming within 3 weeks from Sunday. 

Now remember at this time while you may find yourself without a job there are still many jobs to be filled.  Companies like Amazon, Publix, Walmart etc are all hiring to help keep up with the demand.

For more information on the relief check from the government click here. ~grace