This story was updated at 4:20 p.m. on April 2
As the coronavirus outbreak continues to grip Houston, In the United States and much of the rest of the world, it is becoming increasingly clear that the efforts needed to slow the spread of the disease are hitting all of us, our moneymakers in the city of Bayou. (Cheap oil prices aren’t doing this energy capital of the world any favors, either.) Fortunately, there’s at least one piece of good news: Federal stimulus money should be on its way to Houstonians, with the 90% of other Americans who qualify, according to the Tax Policy Center – soon.
The US Senate unanimously passed a $2 trillion stimulus package on Wednesday, which the House of Representatives passed on Friday and is expected to land on President Trump’s desk to be signed into law soon. So what does this mean for you? Well, for starters, that means most Americans are about to get some sort of stimulus money. Most adults should receive about $1,200 plus an additional $500 for each child under 16 in a household.
The nice part about it? If you are someone who has filed your federal income taxes on the register, you won’t have to do anything but wait for your money, as the funds will be distributed using IRS records. . the IRS will work from 2019 repositories – or 2018 repositories if 2019 hasn’t been submitted – so if you haven’t taken the time to do so yet, you might want to get to it immediately, according to the site IRS website.
However, many high school and college students will not receive money at all. In a series of puzzling events, the IRS announcement On March 30, people who receive Social Security payments must file taxes in order to receive their $1,200 payment. However, after being pushed back, the Treasury Department announced on April 2 that people who receive Social Security will still receive their stimulus payments without having to file taxes, like everyone else and what was announced in first place.
US Treasury Secretary Steve Mnuchin said the money would be distributed in about three weeks or less, with the goal of starting direct deposits by April 17. W. Bush during the Great Recession of 2008 took weeks to months to come out), but money will come your way. How much? Well it depends. While $1,200 is the standard payment for a single adult earning $75,000 per year or less, couples earning $150,000 or less will receive a one-time payment of $2,400. If you go over those numbers, the payouts go down. Any single person earning $99,000 or more per year, or a couple earning $198,000 or more, will not receive any payout.
But on the plus side, if you have a social security number and have tracked your tax returns, you should be good. He won’t be here tomorrow, but the funds will eventually arrive.
Meanwhile, some local adjustments are underway to help ease the economic burden of the coronavirus pandemic, which has already caused 3.3. million people in the country to apply for unemployment:
Free tolls: The Harris County Commissioner’s Court voted to extend all tolls through April 29. The county also extended the disaster declaration until April 29.
Property tax delay: The Harris County Tax Office is offering a three-month extension to all 12-month overdue property tax payment plans as a result of the COVID-19 pandemic. “Due to the current health crisis in our region and the resulting economic uncertainties, property owners who currently benefit from 12-month property tax payment plans will not have to make payments for three months, according to a press release. .” Ann Harris Bennett, Harris County Tax Assessor-Collector and Registrar of Electors. “Unfortunately, state law requires that appropriate late fees still be assessed. However, I hope this extension will help ease the burden on homeowners during this critical time.
Owners with 12-month installment payment plans will not be required to make payments for March, April or May 2020. The next required payments would be due no later than June 30, 2020 and payable on a monthly basis from June until at the end of the deadline of the initial property tax payment agreement of the owner.