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Stimulus Check & Beyond: COVID-19 Deadlines

Coronavirus Stimulus Checks Money

Wondering when that stimulus check will hit your bank account or when you’ll see your tax refund?

Here is a comprehensive update that should help answer any questions that you may have that are related to COVID-19. Please note that this post may contain direct links to news articles and affiliates.

US Government’s Stimulus Check Payment Date

Congress Recently Passed a $2 trillion stimulus bill that includes cash payouts to most Americans. The gist of the bill is that if you have filed your 2018 or 2019 taxes and made an AGI of $75,000 or less, you will likely receive the full $1,200 (plus $500 per dependant child).

You qualify for this payout by submitting either your 2018 or 2019 tax forms with phase-outs for those in the $75,000+ income brackets. Bankrate.com has this great stimulus check calculator that lets you estimate your payout amounts based on your household income.

 According to Forbes, checks may arrive in your bank account as early as April 14th (direct deposit). However, based on the last time they sent out stimulus checks in 2008, it may take 2 months plus for the government to get most of the checks out.

There is a Reddit thread that is providing user aggregated data about which banks have received the money from the government. Currently, several users are reporting that their accounts show the payment as pending with a funds available date of April 15th. 

To see the list of 250+ banks and their stimulus check status, check out the r/stimuluscheck megathread.

You will likely receive the money in the same way you choose to receive your tax refunds every year. Those that use direct deposit will likely see their payment faster than those who elect to have refunds by check.

For those receiving checks, the government will begin disbursements with low-income groups first. Higher-income groups will have their checks sent out in phases over the next few months. If you are a higher income earner, you may not see a payout until as late as September! 

Having trouble filing your taxes? I recommend FreeTaxUSA’s refund maximizer tool to get more of your federal AND state refund back! You can read my review of their free services to learn more.

New Tax Deadlines (File to receive Stimulus Check!)

Federal Taxes:

FreeTaxUSA Form 728x90

 

The government has announced an automatic extension of the tax filing due date from April 15th, 2020 to July 15th, 2020. You do not need to file any paperwork for this extension. If you think you will need more time than that to file you can ask for an additional extension.

The IRS claims that refunds are still being processed with payments sent back out in the typical 21 days for anyone planning on electronically filing.

This payment can be an excellent way to save some emergency fund money if you know you have a refund coming your way. You can read the full statement on the IRS’s website.

My favorite tax filing software that is IRS approved is FreeTaxUSA. They offer free federal filing and can also submit your state taxes as well. I have been using them every single year because the platform has a tax refund optimizer that has always found extra tax credits for me. 

I have a full review of FreeTaxUSA that you can check out if you would like to learn more!

FreeTaxUSA Form 728x90

State Taxes:

Most states have already announced their new deadline for state tax forms to be submitted. Almost every state has changed the date to match the federal filing date of July 15th.

If you’ve already filed, it is easy to check your refund status. If you would like to double-check your state’s due dates, I recommend checking out this article from USA Today.

Loan and Credit Card Payments (COVID-19 deferments and extensions)

Student Loans: 

Covid Stimulus and Money (Nelnet)
Nelnet’s statement on COVID-19 CARES Act from their home page. There is greater flexibility in student loan payments due to COVID-19 such as automatic forbearance and 0% interest rates.

My student loan provider is Nelnet, which is one of the largest student loan servicers in the US. They are automatically waiving payments and forgiving past due balances without most borrowers having to do anything. President Trump signed the CARES act on March 27th, which provides additional student loan flexibility due to COVID-19.

Your student loan provider likely has automatically deferred your payments and interest should not be accruing during this time. It is still recommended that you continue paying your minimum balance if you are able to make payments without jeopardizing your financial stability.

Stimulus Check and Student Loans
In addition to your stimulus check, your student loan payment has probably been automatically deferred! This is a screenshot of what my due date now looks like.

My student loans were automatically placed into a COVID-19 forbearance with a 0% interest rate until the end of the year. This means that I will not have to make my April student loan payment and my next due date isn’t until December. Depending on how long COVID-19 lasts, the government may consider extending the forbearance.

Credit Cards:

Many banks are able to do deferred payments for your credit card and waive late fees. Unfortunately, most helplines are being overwhelmed at the moment and it might be best to reach out via email. If you do reach out, try and keep your message short and to the point that way they can respond quicker.

Many credit card companies are also offering to increase your credit line to help make ends meet. You can also try doing a balance transfer to a new card with a lower APR rate if you are looking to lower your monthly expenses. If you would like to read up more on this topic, I recommend this article from US News.

When you get your stimulus check, it may be a good idea to save this money for your monthly minimum payments. You might also want to save your tax refund and use it for your credit card payments as well. Remember to borrow responsibly and cover your minimums every month!

Home Loans: 

Fannie Mae and Freddie Mac are the guaranteers for half of the home loans in the US. They are working with borrowers to provide mortgage relief. This may come in the form of a loan suspension of payments for up to 12 months or a payment reduction.

As always, you should reach out to your loan providers before you start missing payments to see what options are available. 

File your Taxes: Don’t forget to check out FreeTaxUSA to get your federal and state refund back fast!

FreeTaxUSA Form 728x90

Kathryn Rucker is a sales consultant and content writer. With 7+ years of sales experience, she is passionate about helping businesses and individuals grow their sales pipelines by improving their online presence.

She has been traveling full-time since 2018 thanks to the location and financial independence she has gained from her business, Rucker Sales Consulting. You can connect with her on Linkedin!

Kathryn Rucker is a sales consultant and content writer. With 7+ years of sales experience, she is passionate about helping businesses and individuals grow their sales pipelines by improving their online presence.

She has been traveling full-time since 2018 thanks to the location and financial independence she has gained from her business, Rucker Sales Consulting. You can connect with her on Linkedin!

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