Coronavirus Stimulus Checks (The CARES ACT)

Relief finally!

Congress passed a record breaking $2T stimulus package. The thing people care about the most are the Coronavirus Stimulus Checks. 

Yes, the US Treasury is issuing checks to taxpayers so everyone wants to know:

1) When do I get my check?

2) How much am I getting? 

Regarding when? Here is an optomistic take:

"Our expectation is within three weeks we will have direct payments out where we have depository information," Mnuchin said.

Howver, treasury can only issue so many checks in a given week (system limitation) and the IRS is short handed from budget cuts. 

It's better to mentally prepare for 1-2 months based on past history from 2001 and 2008 and considering government capacity. 

Regarding how much there are several moving parts:

• Single with income up to $75,000 > $1,200
• Single with income $99,000or greater > $0 (phase out inbetween)

• Married (no kids) income up to $150,000 > $2,400
• Married (no kids) income greater than $198,000 > $0 (phase out inbetween)

• BONUS> If you qualify for the above and have children you get $500 per child. 
• Here is a good explanation of the much taxpayers can receive.

Good Luck.