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Rep. Mike Levin has released a federal resource guide detailing information related to the $2 trillion relief measure Congress passed last month amid the coronavirus pandemic, answering frequently asked questions from the community, the congressman’s office announced this week.
The guide lays out information regarding the stimulus checks that individuals and families are expected to receive in the coming weeks, details on how the aid package expands unemployment compensation, and resources from the Small Business Administration.
“As we confront the COVID-19 pandemic together, I know many families and small business owners have a lot of questions about their future and how to apply for economic relief,” Levin said in an introductory note to the guide. “In Congress, I am prioritizing the needs of taxpayers and working families who need health care and economic support.”
The bipartisan Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, is expected to provide an estimated $560 billion in relief for individuals, $377 billion for small businesses, and $153.5 billion for public health, among other things, according to news reports.
Single-tax filers who make up to $75,000 annually are eligible to receive a $1,200 stimulus check from the IRS. For those who make between $75,000 and $99,000, the federal rebate reduces by $5 for every $100 of income above $75,000, according to Levin’s guide.
Joint-tax filers who make up to $150,000 annually will receive a $2,400 rebate.
In his guide, Levin states that the IRS estimates by mid-April to begin making about 60 million payments to those who have set direct deposit for their 2018 and 2019 tax returns.
“Within 10 days after the first round of payments, the IRS will make payments to Social Security beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit,” the guide states.
And about three weeks after the first round of payments, the guide further explains, the IRS will begin distributing physical checks in increments of five million checks per week. The guide also notes that endeavor could require up to 20 weeks for all the checks to be mailed out.
The COVID-19 federal resource guide is available on Rep. Levin’s website at mikelevin.house.gov/covid-19.