The government is taking several steps to help people who are experiencing financial hardship during the current crisis.
If you filed a tax return in 2018 or 2019 and are:
you will receive a check from the federal government.
If you are single and:
If you are married and:
If you have children, you will also receive $500 per child.
Use the FirstKey Stimulus Payment Calculator to estimate your stimulus payment.
Yes. If you did not file because you were not required to, then you do not need to do anything.
If you did not file for other reasons, you should file as soon as possible and provide your direct deposit banking information.
If the IRS does not have your information, they will try to get you a check, but it will take longer.
The IRS has said that it will send checks via direct deposit the week of April 13, 2020. If you have not set up direct deposit, the IRS plans to set up an online portal where you can give them your banking information.
If you have lost income due to the current health or economic situation, you may be eligible to receive unemployment checks even if you are self-employed, an independent contractor or have limited work history. For those that qualify, the federal government has guaranteed an additional 13 weeks of unemployment benefits through December 31, 2020, to help those who remain unemployed after state unemployment benefits are no longer available.
In addition, each eligible member of your household is entitled to an additional $600 per week of unemployment benefits for up to four months.
You need to apply for these unemployment benefits through your state of residence. See this page on unemployment benefits and select your state for more information.
Click on your state of residence to be taken to information for your state:
During the current health and economic crisis, you may withdraw money (up to $100,000) from your 401(k) or other qualified retirement account without paying a penalty. Income would be taxed over three years.
Examples of qualified retirement plans include 401(k), 403(b), profit-share plans, money purchase plans, defined benefit plans, employee stock ownership (ESOP) plans, salary reduction simplified employee pension (SARSEP), simplified employee pension (SEP) and savings incentive match plan for employees (SIMPLE).
Check with your employer to see if your retirement plan qualifies.
If you have federal student loans, contact your student loan provider and/or cancel automatic payments. No payments on federal student loans are owed until Sept 30, 2020. Federal student loans are also not accruing interest until Sept. 30, 2020.
If you own or operate a small business, you may be eligible for a loan on favorable terms. Examples include:
We encourage you to frequently check for updates.
Official website of the Center for Disease Control
Regular updates from the White House related to COVID-19
The above information is provided for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the site constitutes professional and/or financial advice, nor does any information on the site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks assocated with the use of any information or other content on this site before making any decisions based on such information or other content