The current global pandemic is presenting people around the world, and in the United States, with unique circumstances, most have never encountered before. According to the CDC in the United States, as of April 2, we have had 4,513 fatalities, and over 213,144 confirmed cases of COVID-19. On March 16, the White House announced a nationwide effort to slow the spread of COVID-19 through the implementation of social distancing at all levels of society. With most of the working class cannot go to work, many are concerned about how they will have enough money for food, mortgage/rent, etc. In response, the government has passed a stimulus package, called the Coronavirus Aid, Relief, and Economic Security (CARES) Act, intending to help take some of the financial burdens off American citizens.
Do I Qualify for a Check from the CARES Act?
The first question you may be asking yourself is, what will my cut be of this 2.2 trillion-dollar stimulus package? Individuals who earn $75,000 or less per year will receive a one-time check of $1,200, and children will receive $500, according to AARP. If an individual makes $99,000, then they won’t receive a check. Additionally, AARP also noted the stimulus is not just for families; it is for small businesses to cover payroll, hospitals to hire additional staff and to order more supplies such as ventilators.
How Does the Government Know Who Should Receive a Stimulus Check?
Checks will be sent based on your income from your 2019 tax return, or 2018 tax return if you haven’t completed your 2019 return. For individuals on Social Security, some different rules apply.
Per NBC News, “the IRS said other Americans who weren’t required to file taxes in the last two years will have to file a “simple tax return” with basic information like filing status, number of dependents and bank information in order to get money. That excludes Social Security recipients and railroad retirees, as the agency said it’ll use SSA-1099 and RRB-1099 forms where available.”
The CARES act will invariably help individuals and families, small businesses, and hospitals throughout America. This money may help Americans put food on the table or pay their mortgage while waiting to go back to work. However, to receive your check, you need to make sure the government has a way to identify you as a recipient.
What If I Don’t Have My Taxes Done?
If you don’t have your 2018 or 2019 completed, Filipek & Company can do your taxes for you! With the use of video-conferencing and a secure online portal, we can connect with clients and gather the necessary information to complete your tax return.