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The United States Government is sending $1200 stimulus payments to all US taxpayers. You can get up to $2400 as a married couple and $500 per dependent as well. This “Coronavirus check” sends cash directly to all US taxpayers via a direct deposit into their checking account from the IRS or a check mailed to their address.
Currently payments are scheduled for April 17 and May 18. These direct payments in response to the COVID-19 pandemic could cost the US government over $2 trillion, according to Treasury Secretary Steven Mnuchin.
Senator Mitt Romney has said that every adult American should receive a $1,000 check from the government as soon as possible.
What Should I Do With My Coronavirus Check?
The best use for your COVID-19 or Coronavirus stimulus check is up to you. The intention of this money is to help unemployed and under employed Americans pay their rent, buy groceries, and generally have cash
Most Americans live paycheck to paycheck. Sending all Americans $1000 is an easy way the government can help us make it to the next paycheck. Use this money to build in some breathing room into your budget and life.
Some ideas include:
- Pay your rent or mortgage. This is money designed to keep you in your home.
- Pay your utilities: water, gas, electricity, internet, cell phone. Keep the lights on for another few weeks.
- Keep the money in your checking account or a savings account you can easily access.
- Buy groceries or other supplies.
- Buy toilet paper (if you can find it!).
- Save it in an emergency fund. If you don't need the money right away or you have a job that will continue to employ you through a recession or depression (like the military), set the money aside for future emergencies.
- Pay off credit card debt to free up some credit in case you need it down the line.
- Pay off student loans if you have a job that will continue through a recession.
- Buy some low cost, diversified index funds. The stock market is having a huge sale at the moment! You can pick up some great companies at 30%+ discounts. Here are my personal investing principles and my 2018 asset allocation.
- If you don't need the money for the next 7 years, consider investing it.
- Get a Coronavirus test if you think you may have it.
- Buy some non-perishable food and water in case supply lines are slowed down and food becomes more scarce during a months long pandemic
- Stock up on medication you take often or may need if supplies are cut short for a month. Have a 30-60 day supply of any medication you take regularly.
Some ideas of what NOT to do with your Coronavirus check:
- Do not gamble it away! Las Vegas casinos are closing for a month anyways.
- Don't buy lottery tickets.
- Don't buy guns and ammo.
Coronavirus Check FAQ
The “Coronavirus check” is a US Government stimulus plan designed to send every US taxpayers $1000 in the next few weeks. This is intended to allow US taxpayers to pay their mortgage or rent, buy groceries, and keep the economy moving.
Yes, after September 11, 2001 (9/11) and the Great Recession in 2008, the US federal government sent stimulus checks to most American taxpayers. In 2008 the amounts were $300-600 and $300 per child. In 2001 the payments were $300.
It's unclear at this time, but based on previous experience in 2001 and 2008 and comments from the Treasury Department, if you make more than $1 million per year you will not receive a Coronavirus check.
The first coronavirus stimulus checks should be arriving within 3 weeks of March 27, so April 17 2020 at the latest.