COVID-19 is wreaking havoc on the U.S. both personally and professionally for many Americans. President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES act. This is the largest financial assistance bill our country has seen. We’re stretching your dollar with a breakdown of how this may benefit you.
A lot of people wondering, “Will I get money?” Individuals will receive up to $1,200 per person or $2,400 for married couples filing jointly with an additional $500 per child.
This is important to note — the benefit decreases by $5 for every $100 in an income over $75,000. It will not be paid to single taxpayers who make $99,000 or married couples who jointly make $198,000.
The government likely uses your 2018 or 2019 tax return data to determine payment amounts. If you filed with direct deposit, that’s how you will most likely receive your money. If not, it will come by mail just as a tax return check would.
Contractors or gig workers also eligible to recieve federal aid. An extra $600 is in the bill for those unemployed per week for up to four months. That’s on top of state unemployment benefits.
It’s important to note that government officials also say scammers are already trying to steal people’s money . We’ll have tips on how to to avoid getting your money stolen coming up next on Stretch Your Dollar.