Trending Finance Topics

Delivered April 19th, 2020. Contributors: Catherine and

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Trending Finance Topics: US Coronavirus Stimulus Package

Eligibility, the expected amount of payment, and delays or failure to receive the stimulus payment are trending topics around the US coronavirus stimulus package. The requested information about the topics is presented below. 
Eligibility  Eligibility is a trending topic around US Coronavirus stimulus package. According to many online articles, many Americans are keen to understand if they are eligible to receive the stimulus package considering that many have been rendered jobless by the current pandemic. As a result, many writers have written about the eligibility criteria.
According to Clifford Colby, an Associate Managing Editor at CNET, those eligible for the stimulus payment include single US residents with less than $99,000 adjusted gross income for 2018-2019, those who file as household heads with earnings under $146,500, and those who file jointly without children with less than $198,000 earnings.
Another reporter for the Guardian newspaper notes that those eligible for the stimulus payment vary in terms of whether they will receive the full amount. Only individuals with $75,000 or less according to the latest filed tax return as well as couples with $150,000 or less are eligible for full amount. 
For individuals making over $75,000, the amount received will be reduced at the rate of $5 for every increase of $100 in earnings.
Some reporters also note that dependents under the age of 16 years are also eligible to receive $500 from the stimulus package while dependents between 17 and 24 years are exempted. 
How Much Payment to Expect  The amount to receive from the stimulus package is also a major topic in many articles. Some writers have provided detailed explanations of the amount of payment different groups of eligible beneficiaries are bound to receive. 
For example, Clifford Colby breaks down the expected amounts for single US residents ($1,200), heads of household ($1,200), couples with joint filings ($2,400), and children under 16 ($500).
Other websites have provided Americans with online calculators to estimate their expected stimulus payments. For example, in an article by the editorial team of TaxSlayer, readers can click on a link provided to calculate their expected stimulus payment directly.
Besides the online calculator, the editors have explained how the government decides on the amount of payment each individual receives. For instance, the article notes that the amount is based on one’s AGI (adjusted gross income) and tax filing status for 2018-2019.
Delays or Failure to Receive the Stimulus Payment  Delays or failure to receive of the COVID-19 stimulus package is also a major trending topic with many articles providing potential reasons.
One potential reason provided is having a high adjusted gross income (AGI). Apparently, individuals with very high AGIs for the 2018 and 2019 returns period are likely to be exempted from receiving the payment fully.
Another potential reason is filing paper returns for the relevant return period. 
According to an article by CNN, the Internal Revenue Service (IRS) suspended the processing of paper returns after the closure of its centers amid the COVID-19 pandemic. Thus, those who filed paper returns may be experiencing delays in receiving their payments.