Where are our stimulus checks? This question has been hot on the minds of many. Since a record number of citizens are laid off due to coronavirus, many are waiting to receive money from either the federal government or their own state’s unemployment office.
The money is sent out to re-stimulate the economy. Unfortunately, for the majority of Americans currently out of work, this is simply going to their rent. For others, money is meant to go back into the economy.
Some Stimulus Checks Have Arrived
Starting the week of the 13th, citizens across Boston are expected to receive their checks. Typically they will be showing up this week, but if not, it may take a little longer. Paper checks might take longer to come through the mail, but if you did your 2019 tax returns, they should be directly deposited into the bank account that you chose to send your tax refund to.
Direct Deposit From IRS
People in the lowest bracket ($10,000/year or lower) will receive their checks first. This is typically for bartenders, servers and waitresses and those deemed “essential” will be receiving their checks first.
The next bracket are those under $30k per year. Very often there will be different wealth brackets receiving checks at the same time.
How to Track Your Stimulus Check
Tax company TurboTax has lent a hand with customers 2019 tax returns. They have also helped detrimentally with giving notice for people to receive their refunds as well as their federal stimulus check. For those that filed their tax returns through them, they may receive their stimulus check sooner than expected.
The best way to spend this check is on necessities. If you have been laid off, this is meant to help pay bills or rents. For others who are currently working, this can provide a safety net, OR it can be used to shop local in order to keep businesses growing. It is best to use this wisely.