MEMPHIS, Tenn. — Many people locally are in dire need of financial help amid this COVID-19 health crisis.
People have often asked the same two things: how much money will they get from the stimulus relief package, and when will it arrive?
After hours of reading through the 880-page bill and talking with lawmakers in the know, like Rep. Steve Cohen (D-Memphis) WREG discovered a number of things that should answer those questions.
The formula is all based upon your most recent tax return.
If you’re married and together make less than $150,000, you and your spouse would get up to $2,400.
The checks get smaller as the income gets larger.
Anyone who’s single and making less than $75,000 gets a check for $1,200.
Again, those who make more get less.
“It’s my understanding those checks of $1,200 per person for people with incomes under $75,000 a year, $2,400 for a couple and an additional $500 per child will start being direct deposited this week,” Rep. Cohen said.
Additionally, there’s a big windfall set aside for people who’ve been laid off. They’ll continue getting their unemployment checks from the state along with an additional $600 per week for the next four months.
If you don’t use direct deposit for your tax return, you’ll get a check in the mail, but it could take weeks.
Many parents with children aged 16 and younger could also see additional relief. But again, there are income restrictions.
That relief cannot arrive soon enough for most people who’ve been affected.
There are also numerous online calculators that add up what you’ll be getting.