Waiting for stimulus check or unemployment benefits? Here’s when they might arrive
Another few days, and that cash payment of $1,200 or more should be in most people’s bank accounts.
But if you are getting a paper check, or just lost your job, it could take a lot longer to see at least some of your benefits.
Washington and Olympia officials say they’re working furiously to get economic aid to the people who need it most, which nowadays is just about everyone. But not all money is going to come everyone’s way at the same time.
There’s no easy way to learn what’s coming when. Whether online or on the phone, response lines are jammed. Websites are not updated quickly. One suggestion: Contact your local congressional office.
And most important, “Be patient,” advised Nicole Kaeding, economist at the nonpartisan National Taxpayers Union Foundation.
Here’s an estimated timeline compiled from government agencies, California Sen. Dianne Feinstein’s office and taxpayer and interest groups, subject to constant change:
April 3
That was the first day small businesses can apply for “Paycheck Protection Program” forgivable loans to help largely with payroll. Businesses generally must have fewer than 500 employees.
Some of the money can be used to pay rent, mortgages and utilities. Nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are also eligible, though not all can apply Friday (see below).
A total of $350 billion is available, and the National Federation of Independent Business is encouraging applicants to see their lender as soon as possible since there is a funds limit. There’s been criticism from banks and businesses that the government has not prepared lenders properly for the onslaught, so it could be awhile before you can get through.
The White House and congressional leaders are in serious discussions to make more money, possibly $250 billion, available quickly.
Late this week
Treasury Secretary Steve Mnuchin said Thursday cash payments would be begin “within two weeks,” and The Washington Post reported they could as soon as late next week.
“I told you it would be three weeks, I’m now committing to two weeks,” Mnuchin said.
An estimated 60% of filers should see the extra funds distributed this way. Eligible for the full $1,200 per adult amount are individuals with incomes of $75,000 or less and joint filers earning $150,000 or less, plus $500 per child.
The amounts are then phased out for higher incomes, and is unavailable entirely for individuals who earned $99,000 and couples who made $198,000. The incomes are taken from 2018 tax returns unless you’ve already filed a 2019 return.
Friday
The first day independent contractors and self-employed people can apply for the Paycheck Protection Program Loans.
April 18
Washington state is hoping to begin having people sign up for the new $600 a week federal unemployment benefit by April 18.
Nick Demerice, Employment Security Department spokesman, said the agency is awaiting additional U.S. Labor Department guidance so it can implement the new system. “They say we should get it in the next few days. We will then update our computer system to allow people to sign up for (the new federal program.) also by the 18th..”
The department says on its website that it will “backdate your claim so you are paid from the time you separated from your job or otherwise became eligible” for the new federal benefit.
To check on when the system is updated, the department advises subscribing to its COVID-19 action alert updates. People can sign up at esd.wa.gov.
April 24 and aid to Washington
State and local governments are due to get a total of $150 billion to help fight the coronavirus outbreak.
Allocations are made largely on population. Washington state is due $2.9 billion, and it appears only Seattle would qualify for the city funds.
The money should be released April 24, according to Erlinda Doherty, director of the budgets & revenue committee at the National Conference of State Legislatures.
April 24 and rebate checks
Anticipated starting date for issuing for paper checks for the lowest income consumers, probably those making $10,000 or less.
The Washington Post reported that paper checks would then be sent out depending on income, with those earning less than $20,000 due payments May 1. Each week, the income level would grow $10,000, a process that could take the entire summer.
There could be another alternative, though.
“In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail,” according to the House Ways and Means Committee Republican staff.
Anytime
Homeowners with Federal Housing Administration-insured mortgages can qualify to defer or lower payments for up to a year if they are unable to pay full amounts now because of the coronavirus outbreak.
If you think you qualify, contact whoever handles your mortgage now, the Department of Housing and Urban Development advises. And, the agency says,”you can use any available means of communication to contact your servicer to request a forbearance. This includes, but is not limited to, phone calls, emails, texts, fax, mail, teleconferencing, etc.”
Homeowners are advised to contact a HUD-approved housing counseling office. Here’s a state by state guide to location; there are several in each state. Among the Washington locations are Tacoma and Bellingham.
This story was originally published April 3, 2020 at 1:07 PM with the headline "Waiting for stimulus check or unemployment benefits? Here’s when they might arrive."
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