The U.S. House of Representatives is considering loaning at least $25 billion to GM, Ford, and Chrysler, possibly as part of a second economic stimulus package. If so, they'll have to move fast. Congress will go on break at the end of this month and may not reconvene for the rest of the year.

"House leadership weighs loans for automakers" [Reuters]
(Photo: Getty)

From their press release:

"Grocery bills represent a significant expenditure for the average American family. In fact, the average family of four spends between $105 and $235 per week* on food purchased at a store and prepared at home," said David B. Dillon, Kroger chairman and chief executive officer. "Kroger's program allows our customers to stretch their grocery dollars further. We are excited about the opportunity to touch the lives of millions of families across the country by helping them extend their household budgets through this special program."

Customers can present their checks at a cash register at Sears and Kmart to convert it into a gift card at the full value of the check, and to receive a bonus gift card worth 10% of the check.

The cards can be redeemed at any Sears, Kmart or Lands' End retail stores, as well as sears.com and landsend.com, Hoffman Estates, Ill.-based Sears (SHLD, Fortune 500) said.

The promotion is scheduled to last between May 14 and July 19. The gift cards have no expiration and no fees.

Sears representative Kirsten Whipple said details for shoppers who elect to receive the fiscal-stimulus check by direct deposit are still being worked out, but they will likely be able to register online to receive a coupon to bring to stores.

Sears offers bonus to stimulus check shoppers [CNNMoney]
(Photo:OctopusHat)

5. Myth: The tax rebate is taxable income and I'll have to pay taxes on it next year.

Fact: The rebate is a rebate. It is not taxable income. You will not have to pay taxes on this money.

4. Myth: People who aren't normally required to file a tax return can't get the rebate.

Fact: If you have at least $3,000 in certain types of income, you may be eligible for the economic stimulus payment. People who qualify include Social Security Recipients, Veterans Affairs Recipients, Railroad Retirement Recipients, and Low-Wage Workers.

3. Myth: The IRS will call or email you about your rebate check, and they can help you get it faster if you give them your bank account information.

Fact: The IRS is not going to contact you about speeding up this rebate check, and they never contact anyone via email. Ever. At all. Filers who used direct deposit will see their money more quickly, but no one can help you get it "faster." You will receive your money based on the last two digits of your social security number. You can check out the schedule by clicking here. Don't give out your banking info to scammers!

2. Myth: I don't qualify for the rebate because I'm a stay-at-home mom and don't make $3,000.

Fact: If you're married, filing a joint return, and have $3,000 in taxable income between you — you qualify for the rebate.

1. Myth: This is just an advance on next year's tax return! I'll get less next year!

Fact: This is incorrect. Marketplace's Tess Vigeland figured out where this silly little rumor was coming from: "the last time the federal government issued checks, back in 2001,the stimulus was indeed an advance, of sorts, on the Bush administration's tax cuts. The bottom line went from 15 percent 10 percent. So, maybe folks are assuming that it is the same this time. It is not. This is not an advance on next year's refund."

We know you're all sad that tax season is over, but you can always snuggle up to Tax Cat on Facebook.

(Photos:Chad Beckerman)

The IRS says:

Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return.

Because the IRS will use the Social Security number to determine when checks are mailed, taxpayers may receive their checks at different times than their neighbors or other family members. On a jointly filed return, the first Social Security number listed will determine the mail-out time.

The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.

Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2008. For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.

Economic Stimulus Payment Calculator [IRS]

IRS Announces Economic Stimulus Payment Schedules, Provides Online Payment Calculator [IRS]

"These special letters remind people that they won't need to do anything more than file a 2007 tax return in order to put the stimulus payment process in motion," Acting IRS Commissioner Linda Stiff said.

"To receive a payment in 2008, individuals who qualify will not have to do anything more than file a 2007 tax return. The IRS will determine eligibility, figure the amount and send the payment," the notice states. "This payment should not be confused with any 2007 income tax refund that is owed to you by the federal government. Income tax refunds for 2007 will be made separately from this one-time payment."

Watch out for scammers telling a different story.

Special Economic Stimulus Letters Reach Mailboxes in March [IRS]