With the widespread shutdown of the economy, we are all confronted with the financial fallout of the coronavirus emergency. One way or another, we’re all in this together.
Let’s use this Community thread to ask and answer questions related to the personal finance impacts of the coronavirus shutdown.
If you have a workflow that’s helping you navigate this uncertain time, please share it here.
If you’re trying to figure out a workflow for a suddenly-complicated financial situation, ask here.
If you have helpful money tips or ideas related to the shutdown, share them here.
If you’re faced with a loss of income, I rounded up some useful articles that might help.
One of the many things I’m working on figuring out is am I going to spend a little less during the emergency, or much less? So far I’ve spent a lot on bulk food and supplies and educational projects for the kids. But I’m not dining out or taking any trips to the store. Overall, I’m planning on being extra frugal over the next several weeks. (Please be weeks, not months.)
Here is a summary of the Senate bill that passed on 03-26-20. It provides for cash payments of $1,200 per person and $2,400 per couple. There would be $500 payments for each child. The amounts would start to phase out at adjusted gross income (AGI) thresholds of $75,000 for individuals and $150,000 per couple. They will use the AGI from the 2018 tax return (or 2019 tax return if already filed).