THE CARES ACT
A landmark stimulus package known as the CARES act was passed by Congress and signed into law on March 27, 2020. It provides expanded benefits to individuals and businesses hit by the financial crisis. Below is some information for individuals, the unemployed, small business owners, and veterans.
- $1,200 to individuals who made up to $75,000. $2,400 for married couples. $500 for each qualifying child.
- The payments phase out after you meet the threshold of $75,000 individually or $150,000 jointly, but you will still receive a partial payment until you have income individually exceeding $99,000 or jointly exceeding $198,000.
- You must have filed taxes in 2018 or 2019.
- If you owe back taxes, you will still receive a relief payment.
- If the IRS does not have your direct deposit information, a check will be sent by mail but this could take several weeks.