In response to coronavirus shutdowns, the Trump administration promised eligible workers Economic Impact Payments. Beginning this week, over 80 million Americans will receive direct deposits and checks overseen by the US Treasury and IRS.
Together the US Treasury Department and IRS managed to distribute funds at an unprecedented speed. Eligible recipients have been determined by 2018 and 2019 tax returns files. Checks will be mailed to recipients unless the IRS already has your information for direct deposits. Those already receiving Social Security will also obtain a payment as well as veterans. This is one of the many actions included in the CARES Act.
A majority of these checks are expected to be delivered in the next two weeks. Based on one’s earnings, individuals will receive up to $1,200 and married couples $2,400. They will serve as much needed relief to Americans. Receiving any financial aid will be most impactful for near 50% of Americans who live paycheck to paycheck. Under state-issued quarantine regulations, 22 million Americans have filed for unemployment.
Additionally, the Trump Administration determined that after May 1st, all governors will decide when their states open back up again. The longer governors enforce quarantine, the longer their economies and the livelihood of their people will remain suppressed. The President has now called for the most restricted states including Minnesota to be liberated.
The coronavirus outbreak has certainly been an unprecedented crisis for our leaders to navigate. The Economic Impact Payments and White Hose guidelines for reopening America will help return Americans to their way of life safely.
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