Coronavirus Stimulus Payment Announcement
The news of Coronavirus Stimulus comes as unemployment in the U.S. soars, with more than 10 million claims filed in March. Over the last week, around 6.6 million American citizens have applied for unemployment after the the economic collapse.
So, in response to the coronavirus pandemic, House Speaker Nancy Pelosi announced the creation of a select bipartisan committee to oversee the Trump administration’s action towards the outbreak in America, with more than 160,000 patients of COVID-19.
NEW: The Trump Administration is now saying seniors on Social Security must file a tax return to get a $1,200 check.
This extra hurdle means millions of Americans will likely miss out on the payment.https://t.co/RHODDUA3EM
— Heather Long (@byHeatherLong) April 1, 2020
The management of this project will be signed with $2 trillion economic rescue package.
President Trump revealed the package was “twice as large” as any prior relief bill.
“This will deliver urgently needed relief to our nation’s families, workers and businesses”, he claimed.
No Democratic lawmakers were invited to the historic signing ceremony, which was held at the White House.
When Will The Coronavirus Stimulus Payment Begin?
According to a plan circulated internally on Wednesday, the Internal Revenue Service plans to send this online payment on April 9th.
Over the course of $2 trillion coronavirus law, it is a week sooner than expected for the Americans.
However, because the government staff lacks the banking data of its people, the $30 million in paper checks for millions of other Americans will not start before April 24th.
According to the payment schedule, online payments could go out next Thursday, with deposits being made by April 14 at the latest, The Post reported.
“If we know where to put the money, we’re going to press the button and put it there next week”, an anonymous IRS official told the publication.
Are You Eligible To Get Coronavirus Stimulus Payment?
If you are one of the families who has been affected with the coronavirus outbreak, you are more likely to expect the cash.
However, this payment is especially scheduled to support those 145 million Americans who have been hit with COVID-19 pandemic.
Why You Are Not Eligible To Get Coronavirus Stimulus Payment…
Besides those affected Americans, this payment will not be available for the Americans who have not used direct deposit for past tax refunds until September.
It is reported that Treasury Secretary Steven Mnuchin recently said Thursday that most Americans should receive their money by April 17, but the IRS has yet to publicly announce how it plans to distribute the stimulus-package money to Americans.