With the president signing the Covid-19 Stimulus Package on Friday, here are some things that you need to know:
– You do not need to apply for the stimulus check if you fit the criteria to get one. You will receive a check, or have it deposited into your account depending how you received your taxes. The criteria for receiving the full $1,200 check is if you made less than $75,000. There is a sliding scale from $75,000 to $99,000.
– For example, if you are single and made $85,000 you would receive $700. Here is a link to an online calculator to figure out your personal amount: https://grow.acorns.com/coronavirus-stimulus-checks-calculator/
– Most payments will take up to 3 weeks and you will not have to pay income taxes on this check.
– Even if you’re already receiving unemployment benefits or you have exhausted your benefits for reasons unrelated to the coronavirus, Minnesota benefits would be extended by 13 weeks and you would also gain the extra $600 weekly benefit from the federal government. Payments would last for up to four months, covering weeks of unemployment ending July 31. It’s unclear how long it would take to process claims, especially with Minnesota offices strained by a flood of claims, so please be patient. It is not clear if Minnesota will split the payment into 2 checks or give it in one, but you should get them on a weekly basis.
– The bill would put a temporary, nationwide eviction moratorium in place for any renters whose landlords have mortgages backed or owned by Fannie Mae, Freddie Mac and other federal entities. This will last for 120 days starting March 27, 2020. Landlords cannot charge any fees or penalties for nonpayment of rent. You should contact your personal mortgage lender to see if you are eligible for an extension as benefits may differ from lender to lender.
Please be aware that updates are occurring frequently on both state and federal levels. If you have any questions or concerns, please call or email me:
1(507)577-1109 or email@example.com