The stimulus money promised under the American Rescue Plan will hit the bank accounts of many Americans on Wednesday — the first official payment date — though some financial institutions chose to make the cash available to people even before it arrived from the government.
Not everyone eligible to receive a payment will get one on Wednesday, though. Additional rounds of payments will be made in the coming weeks, including for people who will receive theirs by mail as a check or debit card. You can check the status of your payment with the Internal Revenue Service’s Get My Payment tool.
Payments top out at $1,400 per person, including children and adult dependents. To qualify for the full $1,400, a single person must have an adjusted gross income of $75,000 or below. For heads of household, adjusted gross income must be $112,500 or less, and for married couples filing jointly, that number has to be $150,000 or below. Partial payments are available to people who earn more, but the amounts fall quickly.
The payments are calculated using the most recent information on file with the I.R.S., which could be your 2019 tax return if you haven’t yet filed for 2020.
If you’re newly eligible for a payment based on your 2020 income but haven’t yet filed your return, the law allows the Treasury Department to continue payments until September. If you don’t get one during that period, you can claim what you’re owed when you file your 2021 taxes.
The problems of Greensill Capital, a financial firm with ties to SoftBank and Credit Suisse, deepened Tuesday after its German unit entered insolvency proceedings.
Germany’s banking regulator, known as BaFin, said Tuesday that a judge had granted its request to open insolvency proceedings for Greensill Bank in Bremen. BaFin also formally determined that Greensill Bank was not able to repay all of its customers’ deposits, a step that allows depositors to receive compensation from public and private insurance funds.
The insolvency of the German unit was expected after Greensill Capital, which provides financing to companies and has been advised by former Prime Minister David Cameron of Britain, filed for a form of bankruptcy protection in Britain last week.
Credit Suisse acknowledged on Tuesday that it was likely to suffer losses from a loan it had made to the firm. It said that it had received $50 million from the administrator of Greensill Capital’s assets in Britain but that $90 million of the loan was outstanding.
Credit Suisse’s asset management unit oversaw $10 billion in funds that Greensill packaged based on financing it provided to companies. The loans allowed companies to stretch out payments to suppliers. Credit Suisse has returned $3 billion in cash to investors in the funds and said it was working to recover more money.
Credit Suisse said Tuesday that the funds’ managers “intend to announce further cash distributions over the coming months.” The bank has not specified what losses, if any, investors in the funds might ultimately suffer.
Google is cutting in half its commission on developers’ first $1 million in app sales, following a similar move by Apple that is aimed at appeasing developers and regulators who accuse the companies of abusing their dominance of the smartphone industry.
Google said that starting July 1, it would take 15 percent of the first $1 million developers take in from certain app sales, down from 30 percent. Google will still charge 30 percent after the first $1 million.
Apple last year said it was halving its app-store commission to 15 percent on companies that earn less than $1 million a year in app sales.
The dual actions reverse years of resistance by the companies to change their app-store commissions, which have become important to their growth.
Rivals have intensified their criticism of the rates, saying they are artificially high because the companies have a duopoly on the distribution of mobile apps. Regulators around the world have begun investigating the commissions as part of larger antitrust probes, and lawmakers in several…
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