People have a lot of questions about the federal stimulus package that was passed by Congress and signed into law by President Donald Trump on Friday, March 27.
People who receive Social Security payments or disability payments from the federal government will receive the $1,200 stimulus payments even if they do not file income tax.
The income tax deadline for 2019, which was April 15, 2020 and has been extended to July 15, 2020, means many people have not filed. If you fit in that category the federal government will use your 2018 income tax report to calculate your payment. If your income dropped considerably in 2019, your Social Security tax payments may be used to estimate your income.
Children who are listed as dependents by their parents, which includes children in school up to age 24, will not receive a payment even if they filed their own income tax return, but their parents should receive $500 for each dependent listed on their taxes.
Most people won’t receive a check. The money will be direct deposited into their bank accounts and Treasury Secretary Steve Mnuchin has said they hope to start sending money in three weeks.
Also, you don’t need to sign up or do anything to receive the payment, and the Internal Revenue Service has asked that people not call to ask questions. The bill passed a couple of days ago and some of the particulars are still undecided.
The unemployment benefits from the federal government are $600 per week and currently run from April 4 to July 31. So if your unemployment benefits from the state are expiring soon, you should still receive $600 per week from the federal government.
North Carolina has waived the one-week waiting period for unemployment benefits. However, by law, an employer has 10 days to respond to the Division of Employment Security about the claim, so the first unemployment payment should be received in about two weeks.
The state has waived the requirement that people receiving benefits because they were laid off due to the COVID-19 have to be actively looking for work. However, the form stating that they are looking for work still has to be completed. The North Carolina Division of Employment Security advises those who are unemployed due to COVID-19 simply check the Yes box on the form.