$2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act
Thanks to our partners at Chime Bank for these helpful tips and links on the CARES Act.
Will I get a stimulus check?
Experts estimate that 93% of American tax filers will receive some benefit, with 140 million receiving the full amount.
The first requirement: You must have a Social Security Number.
The second requirement: Your adjusted gross income (AGI) must be less than:
$99,000 for single filers
$198,000 for married filers
$136,500 for heads of household (those who are single, widowed, or divorced with dependents)
Even if you have not filed taxes, you may be eligible if you receive social security or railroad retirement benefits. For more eligibility information check out the IRS website
How much can you expect?
We’ve put together a short summary of the requirements for receiving the stimulus payment. Get the full scoop on the IRS website.
Single filers who earn less than $75,000 per year will receive $1,200, plus $500 per dependent child. Those earning between $75,000 and $99,000 will receive a smaller amount depending on their income.
Joint filers earning $150,000 or less in annual income qualify for $2,400 per couple, while annual incomes of $198,000 or less may qualify for a partial payment.
Social Security recipients and railroad retirees are also eligible to receive the stimulus payment and aren’t required to file a tax form.
Other circumstances could affect your benefit, including whether or not you have filed your 2019 tax return.
How can you receive the payment?
If you received your 2019 tax refund from the IRS via direct deposit, your stimulus payment will be electronically deposited into the same account.
If you haven’t filed your 2019 taxes but received your 2018 refund via direct deposit, your stimulus payment will be electronically deposited into the same account.
If you received a physical check for your last tax refund, you can expect a physical check for the stimulus payment. You can use Mobile Check Deposit in the Chime app to deposit it.
The IRS will start accepting direct deposit information online in the coming weeks. Watch the IRS website for updates.
When will the payment arrive?
Stimulus payments via direct deposit are expected to be sent within 3 weeks of March 30.
Physical stimulus checks are expected to be mailed starting in early May.
We have no way to track the status of your payment until it arrives in your Chime Spending Account. We’ll send you an email and push notification (if you have them enabled) whenever a deposit arrives in your account.
While you’re waiting
Unemployment: If you lose your job or have to stay home because you are sick, in quarantine, or caring for a loved one, you may qualify for unemployment benefits.
Student loans: Check for relaxed payment requirements and other sources of financial relief. Learn more
Find work: Our friends at Steady can help you find work, including Work From Home opportunities.
Protect yourself from scams: If someone is offering you a faster stimulus payment in exchange for money or information, they are a scammer. The IRS has noted a wave of new schemes involving stimulus payments and other coronavirus scams.
Remember: Never give out or input your personal information such as passwords, 2FA codes, Social Security Number, birthdate, or address to strangers or unsecured websites.