Updated 1 April 2020

Economic impact payments (or coronavirus stimulus checks) will begin going out around the end of April 2020. For taxpayers who’ve already filed 2018 or 2019 taxes, no action is required to receive payments. Seniors and those who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Updated 25 March 2020

It’s official! You can be receiving your coronavirus stimulus check in as little as 2 or 3 weeks according to Treasury Secretary Steven Mnuchin. The CARES Act is the 3rd phase of supplemental appropriations Congress has pushed to provide assistance due to the COVID-19 coronavirus outbreak.

  • Phase 1 –  Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020
    • An $8.3 billion bill spurring coronavirus vaccine research and development
  • Phase 2 – Families First Coronavirus Response Act
    • A  $104 billion package focused on paid sick leave and unemployment benefits for workers and families
  • Phase 3 – Coronavirus Aid, Relief, and Economic Security Act
    • A $2 trillion to address the economic impact of the COVID-19 coronavirus outbreak

CARES Act

Once signed into law the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act will address the economic impacts of the COVID-19 (coronavirus) pandemic.

The CARES Act authorizes emergency loans to distressed businesses and establishes, and provides funding for, forgivable bridge loans, and additional funding for grants and technical assistance to small businesses.

Who qualifies for a coronavirus stimulus payment check?

For private citizens, the bill authorizes tax rebates. Individuals who make under $75,000 ($150,000 for joint filers).annually will receive $1,200 ($2,400 for joint filers) plus $500 per qualifying child dependent. The rebate begins to phase out for individuals and joint filers who make over $75,000 (for individual filers) and $150,000 (for joint filers) annually.

The CARES Act also establishes limits on requirements for employers to provide paid leave and authorizes the Department of the Treasury to temporarily guarantee money-market funds.

How do I apply for the coronavirus stimulus check?

Information on applying for your coronavirus stimulus payment check can be found at IRS Coronavirus Tax Relief page.

How to get an advance on my coronavirus stimulus check?

Unfortunately the government doesn’t offer cash advances on tax rebates. But there are a few other options that may help relieve some of the pressure you may be feeling.

First you should contact your creditors, inform them of your situation, and find out what programs they offer that may provide some relief.

Second, contact your local offices that provide government assistance to learn more about programs such as SNAP, WIC, and TEFAP. These programs have additional funding due to the Families First Coronavirus Response Act and may provided additional assistance that you may not be aware of.

Your third option is to apply for a personal loan with your local bank or an online lender. Getting a loan creates additional debt and should never be the first option. Never borrow money unless you have exhausted other options and have the ability to pay it back. That being said, getting a loan can also be a life saver for some.

Online Lending Networks

Here are a few websites that offer personal loans online with some of the best rates and terms available.

  1. SuperMoney: Best lending network for 600+ credit scores
  2. Even Financial: Offers loans from top lending providers
  3. Loan Pioneer: Offers hassle-free financial assistance
  4. LendingTree: Best for providing a variety of loan options
  5. Credible: Offers student loan refinancing, private student loans & personal loans
  6. MaxLoan365: Offers term loans between 12 to 60 months
  7. PersonalLoans.com: Offers network of reputable lenders
  8. Loans Under 36%: Offers loans for a variety of uses