Due to the current state of the country, millions of Americans are receiving Economic Impact Payments, authorized by the Coronavirus aid, Relief, and Economic Security Act (CARES Act). The money is being distributed by The Internal Revenue Service (IRS). Because the virus has unexpectedly offset so many families, people have become desperate for money. Concerns have arisen about the eligibility and how quickly the aid will be distributed.
According to The Internal Revenue Service (IRS), “You may be able to receive a Payment if you: are a U.S Citizen, or U.S resident alien, cannot be claimed as a dependent on someone else’s return, have a social security number that is valid for employment or have an adjusted gross income below an amount based on your filing status and the number of your qualifying children.” Though this applies to most Americans, it does exclude a select few, like college students claimed by their parents. There was obvious excitement by people receiving the Payment, which was quickly followed by questions of when it would be distributed.Â
Many Americans who have filed their taxes via popular services such as TurboTax and H&R Block were unable to get their payments. Some parents even reported they didn’t get the $500 promised for their dependent children. Numerous glitches have prevented the swiftness of the payment, especially through popular tax filing services. This is because the IRS did not have their direct deposit information on file, according to the Treasury, companies, and experts. Americans were left frustrated when the IRS launched a “Get My Payment” tool to track their payment, and many were left to see that they could not access it because the payment status was unavailable. On the other hand, a treasury spokeswoman noted that the IRS has processed nearly 80 million payments in less than three weeks. This is just over half of the 150 million payment distributions under the Economic Impact Payment Program. An upside to the stimulus payment is that low-income Americans who do not usually file a tax return, including the homeless, are also eligible to receive a $1,200 check, but only if they enter their information in a new non-filers tool on the IRS website.Â
Though this was a great first step, some feel it is not enough. Rep. Tim Ryan (D-OH) and Ro Khanna (D-CA) proposed legislation to provide a $2,000 monthly payment to Americans who qualify, until employment returns to normal. The Emergency Money for the People Act would mean $2,000 monthly payments for those over the age of 16 who make less than $130,000 annually, according to a press release. The release also states that the CARES Act was an important first step to help relieve some stress, but it is not nearly enough to support American families. Tim Ryan says it’s time for Congress to “get to work” in providing relief to families who have been hit the hardest by this pandemic. He emphasizes that millions of Americans are filing for unemployment week over week and it’s important to work quickly to patch up the dam, meaning putting cash in the hands of families who need it most.Â
This pandemic has offset millions of families by causing a delay in relief payments, miscommunication from promised refunds and rapid unemployment. Only time will tell how the U.S is going to continue to support its people as this pandemic takes its course.
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