They must ask for their money before November 21 if they want to receive it this year. Homeless people may be eligible for a $1,200 stimulus check and $500 for each child under 17 they have. To receive this payment, they must register with the IRS using the free Non-Filers tool, which is in Spanish, according to the IRS.
In order to get their money this year, homeless people must enter their information by Saturday, November 21, 2020.
If you don’t complete your information by November 21, they can claim the money as a credit on a 2020 federal income tax return next year.
Please note that this payment is not taxable and does not affect whether homeless people qualify for and take advantage of Supplemental Nutrition Assistance Program benefits or unemployment insurance benefits.
1 in 5 Americans could run out of money before Election Day if a second stimulus check does not arrive
During the pandemic, consumers have reduced their credit card debt.
Another stimulus package appears to be on hold until after the presidential election, threatening to delay urgently needed unemployment assistance and a second round of direct payments of $1,200 for at least a month.
Nearly one-quarter of U.S. consumers say they have less than three weeks before their cash runs out, according to a new report from Credit Karma.
This would affect millions of Americans who are struggling with their personal finances after a wave of layoffs from the coronavirus crisis. The sectors that have been most affected are tourism and travel, which depend on another stimulus check to make ends meet, according to several experts.
The report notes that one in five people could run out of money before election day. The company has been conducting weekly surveys to get a better view of finances from consumers since the beginning of the pandemic.
However, it was in early summer when the financial picture of Americans “was different because of government efforts,” the Credit Karma personnel director told Fox Network.
The good thing about the stimulus check
Analysts agree that thanks to a series of indicators, the success of the first economic aid programs could be demonstrated, according to McCreary.
According to the report, people have been saving their money or using it to make smarter financial decisions, such as paying off debt. This is true for the group of the population with the lowest credit score, which according to Credit Karma, would be the one having the greatest liquidity difficulties during the economic recession driven by the coronavirus.
According to the data, since July people with credit scores below 600 points have stopped paying less and are reducing their credit card debt since the pandemic began.
In fact, more consumers with debt increased their credit score during the health crisis than before the pandemic, according to the study.