In response to the impact of the COVID-19 pandemic, the U.S. government has introduced a $2 trillion economic stimulus package. Among the details that have garnered significant public interest are who is eligible for the direct cash assistance from the government, known as the individual relief payment, and when it will be disbursed.
According to reports, the Internal Revenue Service (IRS) has stated that it will begin issuing these cash payments on April 9. Eligible individuals can receive $1,200 each, couples can receive $2,400, and dependent children under the age of 17 can receive $500.
Note: If a taxpayer's income exceeds $75,000 (or $150,000 for families), the amount of assistance will decrease by $5 for every additional $100 earned, and so on. Individuals with an annual income exceeding $99,000 (or families exceeding $198,000) will not be eligible for assistance.
Who is eligible to receive the individual relief payment?
1. U.S. citizens or green card holders
2. Individuals on work visas (H types, with SSN) who meet the substantial presence test
3. Holders of student visas (F/J/M/Q) who have resided in the U.S. for more than 5 years and have spent more than 183 days in the U.S. during the 6th year
4. Holders of exchange visitor visas (J/Q) who have resided in the U.S. for more than 2 years and have spent more than 183 days in the U.S. during the 3rd year
5. Individuals on TN or O visas who meet the substantial presence test
How is the substantial presence test calculated?
For example, if you lived in the U.S. for 120 days in 2017, 2018, and 2019, then 2019 counts as 120 days, 2018 counts as 40 days (1/3 of 120), and 2017 counts as 20 days (1/6 of 120). Therefore, the total time over the three years is 180 days. Although you lived in the U.S. for 31 days in 2019, the total time does not meet the 183-day requirement, so you do not pass the substantial presence test.
When can you expect to receive the individual relief payment?
This payment does not require an application and is not taxable. The government will directly deposit the funds into your tax account based on your tax filings from the past two years. If you do not have an account, you will receive a check mailed by the IRS.
The IRS has stated that payments began on April 9, with up to 70 million people expected to receive funds by mid-April. Paper checks will start to be mailed on April 24, but some individuals may have to wait until September to receive theirs. Those with lower incomes are expected to be prioritized. If your account has not received the payment by the deadline and you have not received a check, or if you believe the amount received is less than what you are entitled to, you can claim the difference when filing your taxes next year.
It is important to note that the relief payment will not be considered a "public charge" in the U.S., meaning it will not affect the recipient's future green card or citizenship applications. Therefore, individuals who meet the eligibility criteria and have concerns can confidently accept the payment.
On a personal level, in addition to the cash assistance, unemployed employees can also receive unemployment benefits. It is important to note that the policies regarding this assistance vary by state. Additionally, some states have introduced compensation related to the pandemic. Please stay informed about the relevant policies in your area.
As a traditional immigration destination, the United States has always been favored by investors. Whether for studying in the U.S. or for the education of their children or other reasons, Chinese families immigrating to the U.S. need to plan ahead to obtain permanent residency. Those considering immigrating to the U.S. with their families may choose the EB-5 investment immigration route.
Currently, one of the few high-quality projects available for immigration to the U.S. at a low price of $900,000 is the Yellowstone Club Phase II EB-5 project, which is an excellent choice for investors looking to immigrate to the U.S. This project combines many unique advantages, including dual approval from the immigration bureau, completion of I-829 employment, and a fivefold asset value mortgage repayment, greatly safeguarding investors' interests and is highly favored by investors.
Top Ten Advantages of the Yellowstone Club Phase II EB-5 Project:
1. Rural EB-5 project, allowing immigration at the low price of $900,000
2. The project has received dual approval for I-526 sample and actual cases
3. Extremely high employment multiplier; construction has begun, and required employment has been completed in advance
4. Low EB-5 proportion, high equity investment proportion
5. Extremely high value mortgage, with collateral value up to five times the EB-5 loan amount
6. Strong brand appeal of the Yellowstone Club, with nearly half of the apartments pre-sold
7. Operated and managed by the renowned luxury hotel brand Montage
8. Developed and constructed by the experienced and capable developer CrossHarbor
9. Successful experience of the Yellowstone Club Phase I EB-5 project replicated
10. Professional EB-5 team oversight & successful collaboration with WorldWay Immigration for the third time
2020 is the year of health planning; health planning and identity come first. Good projects do not wait for anyone; having missed the opportunity for $500,000 investment immigration to the U.S., do not miss the opportunity for $900,000 investment immigration to the U.S. High-quality projects are rare; reservations should be made promptly. For project details, please contact: Mainland China: 400-138-2929; Hong Kong: (852) 2802 8798.
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