In this video Lynnette explains who is eligible to receive a stimulus check from the federal government under the CARES Act.
The following is a transcription:
Lynnette Khalfani‑Cox: If you’re wondering whether or not you’re eligible to get one of those government stimulus checks ‑‑ you know, part of the economic relief package passed by Congress in terms of the CARES Act ‑‑ let me break it down to you to explain whether or not you qualify.
First, individuals who are tax filers making up to $75,000 a year will qualify for a $1,200 check. If you have a kid, they’re going to add $500 for that.
Now, what if you’re married? Couples who earn $150,000 or less qualify for a $2,400 so‑called stimulus check. They do pro‑rate it, so if you’re an individual and you make above $75,000, up to a maximum of $99,000, you’ll still get something. It just won’t be as much. It will be a little bit less than that $1,200 figure.
After $99,000, sorry, you’re kind of out of luck. They’re not sending you any money for that. Ditto for couples who make above $198,000. If you make above $150,000 to as much as $198,000, you’ll get something but you won’t get that full $2,400 as a couple.
This is what you need to know in terms of expecting that stimulus check to come in the mail sometime in April 2020 or later.
Read: COVID-19 and Coronavirus Cash: 7 Ways to Get Fast Money and Economic Relief.