Requests for personal or banking information related to speeding up or increasing your Economic Impact Payment. These payments will be received in the form of a refund of income taxes. The legislation also requires oversight by a separate Special Inspector General for Pandemic Recovery (SIGPR) who will monitor loans and investments from a $500 billion corporate bailout fund established by the legislation. Distributions are still subject to income taxes, although the individual may choose to spread the payment of the income taxes over three years, rather than paying them all in one year. [37], The Act includes the following provisions. You are eligible for an Economic Impact Payment of $1,200 (or $2,400 if you filing jointly) if you are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to: $150,000 for married couples filing joint returns. The IRS will continue issuing Economic Impact Payments, that are an advance payment of the Recovery Rebate Credit, during the remainder of 2020. Creates a 14-billion-dollar higher education emergency relief fund to provide cash grants to college students for costs such as course materials, technology, food, housing, and child care. The individual, their spouse, or their dependent has been diagnosed with COVID-19; The individual experienced adverse financial consequences because they were quarantined, furloughed, or laid off, or because their employer reduced their working hours; The individual experienced adverse financial consequences because the individual is unable to work due to lack of child care. You can check your payment status with Get My Payment. How do I return Economic Impact Payments? Please note: Information about the Economic Impact Payment Program has been changing frequently. One component is the economic impact rebate payments. The increases in income may come in the form of raises and/or increased hours for existing employees, or new jobs for the unemployed. [106] For procedural reasons, the text will be replaced by the new language passed by the Senate. The $175 billion Provider Relief Fund began disbursing funds to healthcare providers in April 2020. [117] Senator Bernie Sanders then threatened to block the legislation and impose more stringent conditions for the $500 billion earmarked for corporate bailouts if the unemployment provision was removed by the proposed amendment of the four Republican Senators. The IRS will calculate and automatically send the economic impact payment to those eligible. Qualified wages include the cost of qualified health care. There are 2 more Economic Support Payments of $250. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. Learn more about filing options. If you don’t typically file taxes and have had a child in 2019 or 2020, you may be wondering how to receive the payment for each of your qualifying dependents. [100] Senator Richard Shelby (R-AL), the Republican chair of the Senate Appropriations Committee, stated "I personally think that if we're going to help people we should direct the cash payments maybe as a supplement to unemployment, not to the people who are working every day, just a blank check to everybody in America making up to $75,000. [2] An economic impact analysis may be performed as one part of a broader environmental impact assessment, which is often used to examine impacts of proposed development projects. Communications that use the words “stimulus check” or “stimulus payment”; the official term used by the IRS is Economic Impact Payment. Your Economic Impact Payment Card contains the money you are receiving as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Allocates $130 billion to the medical and hospital industries. 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