Updated 11 months ago

How to get stimulus money

Funds from the $2 trillion stimulus package signed into law are starting to be disbursed by the federal government. Small businesses are eligible for loans that can get converted into grants if certain requirements are met, individuals making less than $99,000 and couples making under $198,000 will receive a check, and a wider availability of unemployment benefits for those who have been laid off.


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Here's what you need to know about how to get access to the funds:


Individual checks

  • Reversing its initial decision, the White House says Social Security recipients will not have to file tax returns to get their one-time $1,200 check.
  • Treasury Secretary Mnuchin said direct deposits will begin by April 17 and checks will start being mailed in three weeks.
  • Individuals making less than $75,000 are eligible for $1,200 and couples making under $150,000 can receive $2,400. Those with children under 16 will receive $500 per dependent.
  • Those making up to $99,000 as an individual or $198,000 as a couple can still receive a payment but of a lesser amount.
  • College students will be not be eligible to receive a check if their parents count them as dependents on their tax returns.
  • The payment amount will be based upon your 2019 tax return or your 2018 tax return if you have not already filed for 2019. Those who owe back taxes will still receive a payment. People who do not typically file a tax return will need to "file a simple tax return" to receive payment, according to the IRS.
  • If the IRS has your bank account information on file, you'll receive a direct deposit. The IRS announced it will create an online portal for people to update or input their direct deposit details.


SBA loans


  • Businesses with fewer than 500 employees, 501(c)(3) organizations with under 500 employees, certain veteran organizations, freelancers, sole proprietors and gig workers are all eligible for the Paycheck Protection Program (PPP) loans.
  • The PPP loans are different from the disaster loans. The disaster loans, which are for those in a state that has declared a state of emergency, have a 3.75% interest rate for businesses and 2.75% rate for nonprofits and will have to be paid back. If you apply for these loans, you are eligible to apply for a $10,000 grant that you would receive three days after applying. More details are available here.
  • The PPP loans are backed by the SBA but will be provided by lenders. Interest rates cannot be higher than 4% and the maximum loan amount is $10 million. Lenders that are already part of the SBA's 7(a) program are also qualified to make these loans. You can find a list of those lenders here.
  • Business owners and sole proprietors can begin applying for the PPP loans on April 3, and freelancers and individual contractors can apply on April 10, according to the U.S. Chamber of Commerce.
  • PPP loans can be forgiven if the funds are used for payroll expenses, mortgage payments, or rent and utility costs within eight weeks of receiving the loan. The forgiveness amount depends upon your headcount and can be reduced or increased based on layoffs or hiring. However, the SBA states "due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs." More details can be found here.


Unemployment benefits


  • Part-time workers or those who are self-employed, including gig workers, contractors and freelancers, are now eligible to apply for unemployment benefits.
  • The amount each person receives will depend upon which state they live in, but those who apply and receive benefits should expect $600 on top of what their state provides until July 31.
  • Workers can receive payments for up to 39 weeks. Those who are unable to work due to caring for someone with coronavirus or who have it themselves can apply. A fuller list of details can be found here.

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