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Unemployment, Stimulus Money, and What to Do with It

Unemployment, Stimulus Money, and What to Do with It

A few individuals have started to receive their stimulus money in their bank accounts over the past couple of days. This is the money that was promised by the federal government to jump-start the economy in the wake of COVID-19 hitting the United States. Many individuals are eligible for $1,200, or $2,400 in the case of couples. Those with children can expect even more.

The ones who are getting the money first are those who filed their income taxes with the IRS in 2019. Those at the front of the line also supplied the IRS with a bank account number and a routing number to receive their refunds.

However, some individuals lost their jobs as a result of the coronavirus and are collecting unemployment. Many of them are asking whether they can continue to collect unemployment, but still receive a stimulus check.

Can You Both Receive a Stimulus Check and Collect Unemployment?

The answer to that question is a resounding yes. You can be on unemployment from losing your job due to the coronavirus, directly or indirectly, and you will still get the $1,200 one-time payment per eligible adult.

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