Maybe tomorrow you'll wake up with $1,200 in your bank account–or maybe you don't qualify.
The IRS has officially started rolling out coronavirus stimulus checks to millions of Americans.
Between 50 and 70 million people are due to receive the stimulus checks, which are part of the government's $2.2 trillion economic recovery package and intended to stimulate the stalled economy during the coronavirus pandemic and subsequent shut downs of most aspects of civil life. Residents who've filed taxes in the past two years and submitted their direct deposit information began receiving the deposits on Friday of last week and are expected to receive them by Wednesday, April 15. Anyone who qualifies but has not submitted their direct deposit banking information is expected to receive a paper check at a later date. However, anyone who has not filed or made their banking information available may input their information in the IRS' new portal here.
Qualifying citizens are those who have reported an adjusted gross income of $75,000 or less. Filers of joint tax returns will receive a one-time payment of $2,400 and those will dependents will receive an additional $500 for each qualifying child. All others will receive the standard one-time payment of $1,200.
Meanwhile, Canada is providing its citizens who have lost their jobs due to the pandemic with up to four months of $2,000 CAD monthly payments. Australian citizens who have been furloughed from their jobs receive $1,500 AUD every two weeks. Newsweek reports that "Britain's government is issuing grants covering 80 percent of unemployed workers' salaries up to a total of £2,500 ($3,084) a month. The package also reportedly contains statutory sick pay for employees that have been told to self-isolate...Denmark has pledged to pay from 75 to 90 percent of employees' salaries up to a monthly amount of 26,000 Danish kroner ($3,288 USD)...France will pay 70 percent of an employee's gross salary to a monthly maximum of €6,927 ($7,575 USD)...Germany will pay 67 percent of net wages up to a maximum of €6,700 per month ($7,326.78 USD)....Ireland will give 70 percent of employee salaries up to a maximum of €410 per week ($448.36 USD)."
But sit tight and keep refreshing your bank account for that life-changing, crisis-averting one-time payment of $1,200...unless you're a U.S. college student who's still claimed as a dependent or a retiree who receives Social Security. Forget you guys.