Last week, the United States Congress passed an enormous, $2 trillion bill meant to offer economic relief as the economy continues to be hard-hit by the COVID-19 outbreak. But the bill comes with some caveats: While it offers every individual a check of up to $1,200, those without IRS direct deposit could be waiting as long as four months for a check, according to some sources, a complication that could prove calamitous for the many trying to make ends meet in the meantime.
In a press statement released by California Senator Dianne Feinstein, the senator offered some helpful information to those looking to navigate the legislation. To qualify, you need to have filed taxes for either 2018 or 2019. Those collecting Social Security or disability are also eligible for the payment. Individuals will receive up to $1,200 and married couples up to $2,400, as well as $500 for every child dependent younger than 17. The press release notes that “the rebate phases out at a 5 percent rate above adjusted gross incomes of $75,000 for single filers, $112,500 for heads of household, and $150,000 for joint filers.”
The statement notes that, while those who filed taxes last year don’t have to take any new actions, those who did not should file for the 2019 year as soon as possible. The release also encouraged those filing for this year to sign up for direct deposit with the IRS, noting that “Rebates sent via direct deposit will take a few weeks. Rebates sent via checks may take a few months.”