What is the Stimulus Check?

April 10, 2020
 
At the end of March, President Trump signed one of the largest economic stimulus packages to date. The $2 trillion bill will give American families and businesses a financial shield against the economical destruction of the coronavirus pandemic. Part of that $2 trillion will arrive to Americans in forms of a one-time payment from the US government, called a stimulus check.   

The check — also dubbed the "economic impact payment," "recovery rebate," or as many people know it as the "stimulus check" — is technically an advance tax credit meant to offset your 2020 federal income taxes. Individuals filing single who make less than $75,000 and single parents who make less than $112,500 are eligible for a check of $1,200. Those filing jointly and make less than $150,000 will get a total of $2,400. An additional $500 with go to families who qualify with children under the age of 17. 
Who won't get a stimulus check? 
Dependents older than 17, people without a Social Security number, and those with incomes above $99,000 (or $136,500 if you file as a head of household) won't get a stimulus check. 

The federal government’s first approach will be to distribute stimulus checks by way of direct deposit using either your 2018 or 2019 tax return, and this should take place mid-April. Those who do not have direct deposit set up will receive a paper check.   
Depending on what the Social Security Administration has on file, those who collect Social Security benefits and don’t file normal tax returns will get their check by way of either direct deposit or a paper check. TurboTax recently launched a portal to help those who don't file taxes to get their stimulus checks faster. Read more information here. 

For your best chances of getting the stimulus check as soon as possible, it’s recommended by the IRS to file your taxes as soon as possible. Neighborhood Credit Union has partnered up with TurboTax for all your filing needs. You could save up to $15 on federal products and easily transfer last year’s tax information, and update all your information if it’s changed, so file today! 

"If we if have your information, you'll get it within two weeks," Treasury Secretary Steven Mnuchin said in a White House press briefing. "Social Security, you'll get it very quickly after that. If we don't have your information, you'll have a simple web portal. We'll upload it. If we don't have that, we'll send you checks in the mail." 

A friendly reminder for our members who were previously members of Pegasus Credit Union or Dallas Credit Union and have not yet filed 2019 taxes: be sure to have your direct deposit information up to date with the IRS since the routing number has since changed for you. 

We'd like to get the money that you need in your hands earlier than the stimulus check is arriving. Apply for a personal loan* with Neighborhood Credit Union today. We've got great low rates and the money can be deposited into your account for immediate use. Once you've received your stimulus relief, you can apply it to your loan balance. For more information on the stimulus relief payments, click here. Use promo code STIMULUS.  

We’re all taking on this new normal together. Just remember we’re here to help in all your financial needs. Don’t hesitate to contact us today by calling (214) 748-9393 or message us on our website.