Stimulus checks resulting from the CARES Act are on their way, and approximately 171 million Americans are expected to receive one, according to the IRS and Treasury Department.
If you're earning less than $75,000 per year, you should be eligible to collect the full $1,200 stimulus check. For those who file taxes as head of household or married couples filing jointly, you'll need to be earning less than $112,500 per year or $150,000 per year, respectively, to collect the $1,200 payment (or $2,400 for married couples). If you're earning more than that, your payment will be reduced or you may not receive a check at all.
For many households, this extra cash could go a long way toward paying the bills. Roughly 22 million Americans have filed for unemployment benefits over the last month due to the coronavirus pandemic, and the stimulus payments are intended as a way to provide temporary relief during tough economic times.