Americans eligible for stimulus checks (also called an economic impact payment or recovery rebate) under the new $2 trillion COVID-19 relief bill should make sure they’ve filed a tax return for 2019 or 2018 with direct deposit information. Those who have done so will receive up to $1,200 deposited directly into their bank accounts within three weeks, according to Treasury Secretary Steven Mnuchin. Those who have not submitted this information will be mailed a check, which could take up to five months, according to NBC.
Payment information is as follows: Eligible individuals earning up to $75,000 will receive payments of up to $1,200. Married couples filing jointly earning up to $150,000 will receive up to $2,400. The amount will increase by $500 for each qualifying child and decrease as income increases, phasing out completely at $99,000 for individuals and $198,000 for married couples filing jointly.
According to the IRS, those who were not required to file taxes in 2019 or 2018 may have to file a “simple tax return.” As of April 1, Social Security recipients will not need to file an abbreviated tax return. More information regarding new forms will be posted to irs.gov/coronavirus.
Booksellers should visit the Coronavirus Resources page on BookWeb.org for more information regarding financial assistance during this time.