As the coronavirus (COVID-19) continues to grip the United States, politicians are working to offset the economic impact with a $2 trillion stimulus package. You may be wondering about the government coronavirus stimulus check you’ve been hearing about in the news.
Congress approved the package last week, and it was signed by President Trump on Friday. This economic stimulus bill – the largest in U.S history – provides assistance to Americans affected by the coronavirus pandemic, which includes nearly everyone, from individuals to businesses.
The stimulus package includes the following:
- Checks for individuals and families
- Expansion of unemployment benefits
- Money for hospitals and health care providers
- Financial assistance for small businesses
- $500 billion in loans for distressed companies
The first bullet point likely caught your attention. Americans are receiving checks, but how much? When will you get it? And through what means?
Here’s the information you need about your federal government coronavirus stimulus check.
Your Coronavirus Stimulus Check
The amount of money you’ll receive from the government depends on your income.
An individual who earns $75,000 or less in adjusted gross income will receive the full amount of $1,200. Married couples earning $150,000 or less will receive a check for $2,400. For each child under 18, you’ll receive an additional $500.
As income increases, the payment amount decreases. Individuals earning more than $99,000 or couples earning more than $198,000 would not be eligible for government assistance under this stimulus package.
There’s no need to “sign up” to receive your check. The payments will be automatic for people who have filed a tax return since 2018. Your income information will come from your latest tax return. If you haven’t filed for 2019 yet, the government will use the information from your 2018 return. Remember that the IRS has granted an extension on filing 2019 taxes until July 15, 2020.
Those on social security will also be eligible for the government relief check, as long as they’ve filed a Form SSA-1099. While some details are still being worked out, disabled veterans will be eligible as well, even those who don’t pay taxes.
According to Treasury Secretary Steven Mnuchin, the government is working to issue the relief checks before mid-April, although more information about the payout timeline is likely to emerge in the coming days.
After receiving your money, there are several options available for deposit.
If you’ve provided your direct deposit information to the IRS in the past when applying for a tax refund, you’re all set. Your federal assistance check will be deposited directly into your bank account with no additional work on your part.
According to the bill, Americans will receive a paper notice in the mail outlining information about the amount distributed and the bank account to which it was directed. If you don’t see the money reflected in your account or you have an issue with the payment, you could then contact the IRS.
If you’ve previously chosen to receive a check in the mail for your tax refunds, you’ll get your federal assistance check in the mail as well.
In a time of social distancing and staying home whenever possible, it’s best to deposit your check without leaving the house. Many banks, including Academy Bank, offer a “mobile deposit” option with online banking. If you have a smartphone with your bank’s app, you can take a picture of your check – both sides, including the endorsement on the back – which will then be deposited into your bank account.
Be mindful that the funds from your mobile deposit may not be immediately available for use. The funds ability schedule provided to you by your bank when you opened your account will generally apply to mobile deposit as well.
Learn more about Academy Bank’s Mobile Deposit feature.
Please note that mobile deposits made through Academy Bank must be endorsed with the following information:
- "For Academy Bank Mobile Deposit"
- Account Number
If mobile deposit isn’t an option for you, many ATMs have the capacity to accept check deposits. Before leaving the house for the ATM, check online to make sure that it takes deposits.
With Academy Bank, you can walk up to any of our high-tech, touch-screen ATMs to easily get cash, make deposits, transfer funds and more. Our Smart ATMs are available 24 hours a day, 7 days a week.
At Academy Bank, we’re proud to offer video banking in select locations. Our drive-thru video banking sites provide clients with even greater convenience, flexibility, and access. Deposit cash or checks, withdraw cash, make a loan payment, transfer funds, and more from the comfort of your car.
Banker's hours don't work for us either – we offer extended evening and weekend hours with video banking. Find the full list of drive-thru Academy Express locations.
Due to social distancing and stay-at-home orders, some banks may be operating in different capacities for the safety of their customers and staff. However, banks are generally considered an “essential service,” so most banks will be open.
Just be sure to check your bank’s hours in advance, as their hours may have changed.
Academy Bank’s current hours, effective since March 19:
- All in-store locations will be open 10am- 4pm Monday – Friday and 10am - 2pm on Saturdays.
- All traditional banking centers with a drive thru will be open 9am - 5pm Monday – Friday. Lobbies are temporarily closed.
- All traditional banking centers without a drive thru will be open 10am - 4pm Monday – Friday.
Your Coronavirus Stimulus Check Made Easy
During these uncertain times, it feels good to have someone to lean on. Academy Bank is working hard around the clock to be your go-to bank for your financial needs during this time.
We offer several convenient, easy-access options so that you can bank from the safety of your home, phone, or car.
We’re here whenever – and wherever – you need us.
Need a Bank to Deposit or Cash Coronavirus Stimulus Check?
Don’t have a bank account to cash or deposit your relief check? We make it easy to open an account online.