FAQ: Frequently asked questions about coronavirus stimulus payments
WASHINGTON - Many of you have been reaching out to FOX 5 on social media with questions about the stimulus checks that began rolling out Wednesday. FOX 5's Lauren DeMarco got some answers from wealth analyst, Jason Howell, CFP.
Question: Where is this money coming from?
Answer: U.S. Government Bonds. When the country needs to borrow money, it issues bonds that investors buy. These investors can be governments like China or Japan or U.S. citizens.
Q: What about the families who have not had a job loss? Would everyone still receive these funds?
A: Yes. This is in gift to almost every taxpayer - depending on income limits - to give us more spending power. Much of the economy runs on spending so the government wants to make sure we keep doing our part.
Q: A single parent with three kids would get $3500 a month under this deal? On top of people collecting $2400+ month unemployment?
A: Close. A single parent who makes less than $75,000 AGI would receive $1,200 + $1,500 = $3,700. Now if she also lost her job she would also be eligible for unemployment benefits.
Q: When is the money coming?
A: Today (Wednesday)! At least that was the goal. Once per day you can check Get My Payment on the IRS website to see the estimate for receiving your funds (as long as you've filed a 2018 or 2019 tax return). If you haven't filed but have a social security number and can't be claimed as a dependent, go to: Non-Filers: Enter Payment Info Here
Q: How do these stimulus checks work to help the economy?
A: As much as 80 percent of the economy runs on spending. This is spending for necessities and non-necessities. If we all stop spending at once, the economy collapses. It's the trickle-up economics that we never hear about. You almost need to be a millionaire to survive in this economy but you don't have to be a millionaire to grind it to a halt.
Q: Will the checks continue if the country continues to be shut down?
A: They might. In fact Congress is working on a PHASE IV bill to do just that. In fact, it was in Senate Majority Leader Mitch McConnell's original plan to have another check come to us in May.
Q: How does this money affect the future of the economy?
A: It stabilizes it. If we can keep spending, the economic wheel keeps going round and round. You pay your lender, your lender pays investors, investors keep investing. We're in this together.