Federal Stimulus - CARES Act Information | Greene Government Federal Stimulus - CARES Act Information | Greene Government

Federal Stimulus – CARES Act Information

Information Available on the Federal CARES Act Stimulus Package

There are five main sections in the CARES Act:

  1. Keeping Workers Paid & Employed
    The CARES Act represents more than $376 billion in relief for struggling small businesses, including increased access to loans, grants, and loan extensions or forgiveness.
  2. Assistance for American Workers, Families, & Businesses
    This section expands unemployment insurance benefits, as well as creating a tax rebate. Every eligible person filing a tax return will receive $1,200 plus $500/qualifying child. Learn More
  3. Supporting America’s Healthcare System in the Fight Against Coronavirus
    Provisions to mitigate & prevent supply shortages for America’s healthcare system, as well as increasing access to healthcare for COVID-19 patients and funding for health care providers.
  4. Economic Stabilization
    Provides temporary suspension of foreclosures on federally-backed loans, as well as the option to request forbearance from mortgage payments on federally-backed loans for up to 180 days. This section also suspends eviction procedures and other non-payment of rent penalties.
  5. Coronavirus Relief Funds
    The relief fund provides $150 billion to states for necessary expenditures incurred in responding to the coronavirus outbreak. The funds apply to expenditures incurred between March 1, 2020 and December 30, 2020.

From the United States Congress

COVID-19 Relief Package and FAQs

From Senator Kristen Gillibrand

A Guide to COVID-19 Disaster Funding

The CARES Act – by Section Summary

From Senator Charles Schumer

Small Business Explainer on the CARES Act

Small Business Owner’s Guide to the CARES Act

Summary of the CARES Act – Section by Section

Economic impact payments: What you need to know

Check IRS.gov for the latest information: No action needed by most people at this time

The Treasury Department and the Internal Revenue Service announced on 3/30/2020 that distribution of economic impact payments would begin in the next three weeks and would be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.