As many of us already know, a lot of people lost their jobs when the home quarantine was imposed on our country. INQUIRER.net reported that the Philippine government ordered financial assistance to everyone, especially those affected by the Luzon-wide community quarantine. The cash aid will range from Php5,000 (about $100) to Php8,000 ($157) depending the worker’s wage rate.
But the Philippines isn’t the only country to adopt this measure. Places like the United Kingdom and the United States have also made necessary plans to ensure their citizens get financial aid during this health crisis. The United States’ Internal Revenue Service (IRS), for instance, announced via Twitter their efforts on this situation.
The announcement read: “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: irs.gov/coronavirus.”
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS
— IRSnews (@IRSnews) April 11, 2020
The US government issued the first wave of stimulus relief checks last April 11. These checks are the result of the stimulus bill, which was approved to financially support Americans who are affected by the coronavirus pandemic. The money was distributed to the citizens via a bank deposit to their respective accounts.
According to Smart Asset, a fintech company, the amount of cash payment that US citizens will receive is based on their filing status and adjusted gross income (AGI) also known as the tax returns. To exemplify this, a single filer can acquire “up to $1,200 (60, 858.60 PHP)” while married couples or joint filers can “get up to $2,400 (121,717.20 PHP).” While a four-member family can get “up to $3,400 (172, 432.70 PHP)” and households with children below 17 years old will receive an “additional $500 (25, 357.75 PHP) per child.” People with above-average income likewise receive a stimulus check but at a smaller amount.
Given this data, you can understand why volunteer firefighter Charles Calvin (from New Chicago, Indiana) was completely shocked when his ATM balance showed the huge amount of 8.2 million USD (415.3M PHP)–considering he was only expected to receive 1,700 USD (86,000 PHP).
In an interview with WGN9, Calvin thought that the machine malfunctioned, so he triple-checked his balance at an ATM to confirm it– and he realized that it was, in fact, real.
“I ran the card again, and again. $8.2 million. I was like, “man, something’s up with this”, he told the news outlet.
Calvin decided to call his bank to inform them about the incident and they clarified that the said amount was already removed from his account. It remains unsure whether it is the ATM or federal bank who should be responsible for the clerical error.
Whatever the case may be, Calvin is thankful for the amount he received.
“You go from being a millionaire one second then back to being broke again. But hey, once you’re poor you don’t have anywhere else to go but up.”
/FM
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