Coronavirus stimulus payouts: When will I get my check? How much money?

When will checks for coronavirus relief go out? When will I get paid? How much money will I get?

Congress and the Trump administration reached a deal late Tuesday on the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, also known as “phase three” of the coronavirus economic stimulus packages from the federal government. The unprecedented rescue plan includes expanded unemployment benefits; a $367 billion program for small businesses to help pay workers forced to stay home due to the COVID-19 pandemic; $500 billion for subsidized loans to larger industries such as hospitals and airlines; and direct payments to most Americans.

The direct payouts will be a one-time payment of $1,200 per adult and $500 per child, but people with higher incomes would get less. The money aims to help the U.S. economy and help citizens through the coronavirus crisis, which has forced schools to close, sent non-essential workers home, and affected other businesses across the country.

Here’s what we know about the “checks in the mail”:

— When will I get my check?

Mid-April, possibly later.

“We want to make sure Americans get money in their pockets quickly,” Treasury Secretary Steven Mnuchin said last week. “As soon as Congress passes this, we will get this out in three weeks.”

The payouts could arrive by April 15, but The Tennessean reports specific dates may change during the appropriations process in Congress. Individuals who set up a direct deposit with the IRS should still expect to see their money sooner than those waiting for checks in the mail.

Could the money take longer? The Tennessean notes the last time the federal government sent checks to Americans was in 2008, under President George W. Bush. The Economic Stimulus Act was signed into law on Feb. 13, 2008, and provided individual tax relief in the form of tax rebates but the money didn’t start going out until two months later in April.

— How much will my check be?

Adults will get $1,200 each and children will get $500 each. A married couple could receive $2,400 and a family of four could receive $3,400.

According to Vox, the checks will get smaller for those with higher incomes, ensuring the payouts benefit the lower and middle class. According to the CARES Act proposal on Monday, payments phase out at a rate of $5 per every additional $100 in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly. For example, a single adult who earns $85,000 would get $700 (a decrease of $500 due to their higher income).

Some will receive nothing. A single, childless adult who earns more than $99,000 would get no money, and childless couples with $198,000 would also be phased out entirely.

CNBC reports the amount you receive will be based on income calculations from your 2018 tax return.

— Why only one check?

Mnuchin said last week that families could receive another check in “six weeks” if the national emergency still exists, but the CARES Act only lists a one-time payment. It’s unclear if a second payout could still happen, but President Donald Trump optimistically said he hopes to reopen the country and loosen social distancing guidelines by Easter.

“There is tremendous hope as we look forward and we begin to see the light at the end of the tunnel," Trump said at the White House on Tuesday. “Stay focused and stay strong and my administration and myself will deliver for you as we have in the past.”

— Where will the money come from?

Taxes, essentially. CNBC reports it’s unclear whether the money will be considered a loan or a gift, in which case some of it may have to be paid back. Recipients may have to repay it on a future tax return -- this year’s income tax filing deadline has been delayed to July 15 -- or if it’s a “gift," it could be considered taxable income.

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