Title: What the First Coronavirus Stimulus Package Means for You | The TurboTax Blog
Headings: What the First Coronavirus Stimulus Package Means for You
What the First Coronavirus Stimulus Package Means for You
Stimulus Checks for Individuals and Joint Taxpayers
For those that aren’t required to file a tax return, TurboTax launched a Stimulus Registration Product to help you submit all the necessary information to the IRS so that you can quickly and easily get your money.
Student Loan Payment Relief
Increase in Unemployment Payments
Financial Assistance Provided for Eligible Non-Profits and Self-Employed Individuals
Penalty Waived for Early Retirement Withdrawal
Delay of Social Security Payroll Tax Payment for Employers
Stimulus Package FAQs
Who is eligible for the stimulus payment? Will I get a stimulus check?
How much stimulus money will I get?
When will I get my stimulus check? How long will it take to get my stimulus payment? Can I track the status of my stimulus check?
Can I get my stimulus check if I haven’t filed my 2019 taxes?
I’ve already filed my 2019 taxes — do I need to do anything else to receive my stimulus checks?
How will I get my stimulus check? Can the IRS send the stimulus payment to me via direct deposit?
I filed a tax return in 2018 and/or 2019 but didn’t provide my direct deposit information. Can I still get a stimulus check if the IRS does not currently have my direct deposit information?
Will I receive my stimulus payment on a debit card?
Can I still get a stimulus check if I don’t need to file a tax return because I don’t have income from wages or make enough money? How will I get my stimulus payment?
Can I still get a stimulus check if I only have Social Security Retirement, Disability Income (SSDI), or Railroad Retirement benefits and don’t file a tax return? What do I need to do next?
Can I get a stimulus check if I only get Supplemental Security Income (SSI) and don’t file a tax return? What do I need to do next?
Can I get a stimulus check if I only get Veteran Affairs benefits and don’t file a tax return? What do I need to do next?
If I just lost my job, but don’t qualify for a stimulus check based on 2018 or 2019 income. What does that mean for me?
Does the stimulus payment impact my eligibility for other assistance programs?
I am claimed as a dependent on my parents’ tax return but I also work and file a tax return. Will I receive a stimulus check?
I owe (a previous tax debt/student loan debt) can I still receive a stimulus check?
I support my mother/father and claim them as a dependent, but they get social security income. Can they still receive a stimulus check?
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Content: If you are overpaid you don’t have to pay it back. For those that aren’t required to file a tax return, TurboTax launched a Stimulus Registration Product to help you submit all the necessary information to the IRS so that you can quickly and easily get your money. For additional information, be sure to check out the stimulus package FAQs here. Student Loan Payment Relief
Under the CARES Act, employers can still make student loan payments on behalf of their employees on a tax-free basis, up to $5,250 annually. This means the loan payments would be excluded from the employee’s income. The provision is applicable on loan payments an employer makes from the day the bill was signed into law (March 27, 2020) through Jan. 1, 2021. Increase in Unemployment Payments
Unemployment payments will be increased by $600 weekly for four months through July 31, and the bill also includes those who were previously not eligible for unemployment, including part-time employees, freelancers, independent contractors, gig workers, and the self-employed. Financial Assistance Provided for Eligible Non-Profits and Self-Employed Individuals
The Small Business Administration’s loan program is now accessible to more businesses and has an increased cap on loans. This Act provides $349 billion for the Small Business Administration to distribute through a new loan program titled the Paycheck Protection Program (PPP), making non-profits, self-employed individuals and contractors eligible to receive assistance. The Federal Reserve lending program will also receive $454 billion in support — loans from this fund will be for no longer than 5 years and will be aimed at aiding nonprofits and businesses with around 500-10,000 employees with the goal of retaining at least 90% of their workforce with full compensation and benefits.