The Stimulus Bill: What is it and What Does it Mean for You?
Supporting our artist community is at the heart of what we do. Each day we’re going to be sharing some important tools, opportunities, and resources for artists on our blog. Follow along and reach out if you need additional support.
Today we’re going to talk about what the Stimulus Bill means for you, and how it affects unemployment insurance.
***Updated April 3rd, 2020 to reflect that those receiving Social Security Benefits, senior citizens, and railroad retirees DO NOT need to file a tax return.
A stimulus package is a coordinated effort to increase government spending and lower taxes and interest rates in order to stimulate an economy out of a recession or depression. On March 26, the US Senate passed a $2 Trillion Stimulus bill.
This means all adults making less than $75k to receive a one time payment of $1200 through the IRS. You will receive this money however you get your tax return (direct deposit or mailed check).
ARE YOU ELIGIBLE?
Your eligibility is determined by 2019/18 taxes
Married couples receive $2400 if combined income is less than $150,00
Parents/Caregivers receive an additional $500 per dependant
If you were claimed as dependent, you are not eligible for your own stimulus payment.
WHAT IF …
… I don’t file taxes?
Undocumented people are not eligible. A social security number is required to receive payment. This means millions of tax payers will not receive needed aid. The IRS has not released guidance on those who fall through the cracks.
… I am retired?
Seniors on Social Security are not required to do any additional filing to receive their stimulus check.
… this is the first year I am filing as an independent?
File your 2019 taxes ASAP.
DOES THIS AFFECT UNEMPLOYMENT?
YES. Along with the stimulus bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides $250 billion in unemployment benefits. As the number of Americans filing for unemployment grows, the government is providing an additional $600 a week to those who are eligible for unemployment insurance. This means if you apply for unemployment, you receive your state’s allocated unemployment benefits PLUS $600 a week until July 31st.
Additionally, the CARES act extends unemployment benefits to 39 weeks instead of the 26 weeks most states offer. The act also waives work history requirements so you are able to apply for unemployment even if you just recently started a job you lost due to the pandemic.
HOW TO APPLY FOR UNEMPLOYMENT IN VIRIGNIA:
Apply at the Virginia Unemployment Commission.*
*After you file your initial claim, make sure to renew your filing every week.
You are no longer required to conduct a weekly job search to be eligible.