Last week, as unemployment rates skyrocketed, the federal government passed a $2.2 trillion stimulus bill intended to give economic impact payments directly to American citizens during the COVID-19 pandemic.
The Treasury Department and the Internal Revenue Service (IRS) announced that the distribution of economic impact payments will begin in the next two weeks.
What is the economic impact payment and who is eligible?
Individuals whose adjusted gross income was less than $75,000 will receive $1,200.
Married couples filing jointly who make less than $150,000 will receive $2,400.
For people who make more, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000.
Parents also receive an additional $500 for each qualifying child.