MACON, Ga. — With the stimulus bill passed, we asked financial advisor Sherri Goss the basics, like who's eligible to get the money, how much do they get, and how soon.
"What they're gonna do first is look at 2019 tax returns and people who filed 2019, as an individual making less than $75,000 or a couple making less than combined $150,000, they will each get checks for $1,200," says Sherri.
Goss says people making above the $75,000 annually or $150,000 mark for couples will still get money, just not the full $1,200. If you haven't filed taxes for 2019 yet, she says that's OK.
"They're gonna look at your 2018 tax return and use those numbers. If you didn't file then, they're going to go to Social Security and see if you're receiving benefits from that department and base it on that," she says.
How soon will these checks be sent out? Goss says that's not set yet. "They were saying very aggressively just a couple weeks ago that these checks were going to go out starting next month, and now they're saying you're going to get a check by December of 2020 because there are a lot of moving parts on this thing and this is going to be a huge burden on the IRS. We've never done this before, so it's totally uncharted waters."
Goss says to get the check, you also have to have a Social Security number.
The stimulus bill is much more than just a check in the mail. Goss says there are other parts to the bill that we should be paying attention to, like sick pay and unemployment benefits.
"It says even if you are not sick, you could be eligible for sick pay if you are under medical quarantine or medical treatment from the virus or suspected to have it and are under quarantine or are staying home to care for someone else who has it, or if your child's school or daycare has been closed, they're extending sick pay to people who just have to be home because their kids are home," she says.
Goss says this is the first bill of its kind.
"This bill adds an additional $600 a week for up to four months for anyone who is receiving unemployment. We've never had that before, so that really is a game-changer, and also they've extended unemployment insurance to 39 weeks," she says.
Goss says for those who fall into both categories, sick pay and unemployment could be combined.
"This is on top of unemployment, so if you're temporarily unemployed, you're going to get the unemployment, you're going to get the extra $600 a week, plus you could be eligible for sick pay," she says.
Goss says you can also still receive a check if you are getting Social Security benefits.
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