Update 8:05 PM CT, April 1: After pressure from lawmakers on both sides of the aisle, the Trump administration has reversed course. According to the Washington Post, the Treasury Department is now saying that “Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment” without having to take additional action like filing a simple tax return.

Original story:

The Trump administration has added additional steps for some Americans to receive their stimulus checks. Alabama still does not have guidance on how to provide unemployment expansion. And the stock market continues to tumble.

It’s a lot to keep up with. Here’s Alabama’s latest economic news -- good and bad. And a few things to know about how swiftly-changing national policies could affect you.

What you need to know tonight

National:

The Federal government has started to clarify aspects of the $2 trillion dollar stimulus package signed into law last week and, as is often the case, the devil is in the details. We now know more about who will and will not receive a stimulus check. If you collect social security, you are now being advised to fill out a “simple” tax return in order to receive the funds.

The Congressional bill originally indicated that a 1099 would suffice to receive the checks but the Trump administration is now directing people to file a return. That also applies to people receiving disability, to veterans and to people whose incomes are too low to meet the tax threshold.

[See update above]

Senators from both sides are protesting the president’s decision, saying it creates a significant burden that could prevent many Americans who need the checks from receiving them.

Additionally, some high school seniors and college students will not be receiving checks. The bill only provides money to parents for children who are 16 or younger so non-working high school seniors or college students who are claimed as dependents will not receive the checks.

State:

Alabama says it has not yet received guidance for the unemployment expansion included in the stimulus package, leaving some out-of-work Alabamians in limbo. Independent contractors, self-employed individuals, gig workers and others who are out of a job because of the coronavirus are being encouraged by the Alabama Department of Labor to file unemployment claims even as the state has yet to receive clear instructions on how to process those claims.

Cubic, a defense-technology firm in Huntsville, is partnering with the University of Alabama at Huntsville to build up to 100 emergency ventilators per week to be distributed locally.

Market update:

Dow Open: 21,227.38

Dow Close: 20,941.50 (Down 4.44%%)

In case you missed it:

What we’re watching

Gulf coast businesses are bracing for a financial hit that may be harder than a hurricane or the BP oil spill. Tomorrow morning John Sharp will publish a story examining how beach businesses are preparing for the worst.

At 11:15 CT on the AL.com Facebook page, Ivana Hrynkiw will interview Isaac Cooper, a financial consultant based in Birmingham. He’ll be taking audience questions about ways to navigate these tough economic times.

Resources

COVID-19 COVERAGE RESOURCES: Follow our live updates. Find all of our coronavirus stories. A continuously updated vital information post. A free text-messaging service so you can receive the most urgent coronavirus updates on your cellphone. And ask questions. To sign up, subscribe to Alabama Coronavirus Urgent Alerts. A new weekday newsletter is available. You can subscribe here. Also, download our mobile app where you can receive on-the-go notifications.