The Federal Stimulus Check that millions of Americans have waited for is still more fable than fact for many and for those who need it now, time is running out.
Today the IRS reminded citizen’s that Wednesday, May 13 at noon is the deadline to set up direct deposit with the Internal Revenue Service via the “Get my payment” button on their website. Checks will be issued digitally first and shortly after physical checks will be cut and sent in the mail.
Timeline for Economic Impact Payments continues to accelerate. Act by May 13 noon for chance to get yours through an #IRS direct deposit https://t.co/g7NlRqDwoZ #COVIDreliefIRS pic.twitter.com/eeDPp8didb
— IRS #COVIDreliefIRS (@IRSnews) May 11, 2020
The check’s amounts will vary greatly based on your income which will be determined by tax filings submitted in either 2018 or 2019. Individuals can receive up to $1200 if they make less than $75,000 a year with a potential $500 supplement per child under 17 as well. The amount you are eligible for decreases the more you make and those making over $99,000 a year will not receive any financial aid. This check is a one-time payment though many progressives have floated the idea of a monthly stipend until this global health crisis is over.
These direct payments from the Federal Government were the result of the record breaking CARES Act which created a $2 trillion stimulus package to help individuals and businesses affected by the COVID-19 pandemic.
For many this check could not come quick enough as just last Friday Newsom himself reflected on the “jaw dropping” unemployment rate process the US and in California.
“The unemployment rate that came out today was second second highest to the Great Depression. Those numbers are lagging,” said Newsom. “We may have had the lowest unemployment rate, but it was not zero. So you start with that baseline and you add 4.3 million people to a workforce that’s north of 18 million. Do the math. We’re not at 14.7%, the state of California is north of 20% right now.”
Today the governor announced that the Western States Pact has penned a letter that requests $1Trillion in State a Local relief from Federal Government.