To learn about the stimulus benefits available to businesses and self-employed CLICK HERE
Treasury Secretary Steven Mnuchin said that direct deposits could start on April 16, 2020.
Stimulus Payments
The stimulus payment amounts are $1,200 per adult and $500 per child, if you fall under these Adjusted Gross Income limits. If you earn more than this, the benefits are being phased out. This DOES apply to self-employed people as well as W2 employees.
Adjusted Gross Income Levels
Individual $75,000
Head of Household $112,500
Married Filing Jointly $150,000
The government will use the information on your 2019 tax returns if filed, and your 2018 if not.
Checks will be reduced by $5 for every $100 exceeding those thresholds. It completely phases out at $99,000 in income for individuals, $146,500 for head of household filers with one child and $198,000 for joint filers with no children.
You are still eligible for a check if you have no income or if you rely solely on non-taxable government benefit programs like Supplemental Security Income benefits, or SSI, from Social Security. Many seniors do not file a tax return, not to worry, they will be sending payments to everyone who is receiving Social Security, even if they have not filed a tax return.
If the IRS has your banking information, the money will be direct deposited there in the coming weeks, or they will mail a check directly to the address on your form 1040.
Unemployment Insurance
These payments will be handled by your state unemployment insurance system.
$600 ADDITIONAL weekly benefits above state unemployment benefits
Benefits can last as long as 39 weeks, 13 weeks longer than current standards.
Business Owners, Independent Contractors and Self-Employed Individuals DO QUALIFY.
Paid Family Leave
Up to 12 weeks of family leave, with the first two unpaid, for workers in businesses with less than 500 employees, who are staying home with children whose schools and day care centers have closed.
Retirement Plan Changes
For taxpayers under 59 1/2, the 10% early withdrawal penalty will be waived up to $100,000 distributions for coronavirus related expenditures. Also, the limit on retirement plans loans have been raised to $100,000 from the current $50,000.
RMDs, or required minimum distributions, have been waived for people over 72.
For business owners, please click here