Economic Relief Checks
The CARES Act will provide economic relief in the form of direct cash payments to many Americans. Here’s what you should know:
If you are: 1) A single person making under $75,000 per year; 2) The head of a household making under $112,500/year; 3) In a married couple making less than $150,000 per year. Then you will receive a $1200 economic relief check.
If you have children, then you will receive an additional $500 per child.
If you make more than $75,000 per year, your payment would be reduced by $5 for every $100 more you make. If you make more than $99,000 per year, you will not receive a payment.
Will people who are on Social Security Disability eligible to receive money? How much?
Yes, the Social Security Administration announced that all Social Security recipients would be eligible to receive a payment at the rates set out in the CARES Act.
Will individuals who don’t make enough to pay taxes receive any money?
If you are not currently receiving Social Security, then you will need to file a tax return in order to access the payment.
Is money to individuals limited to citizens? Will permanent residents or people with visas be eligible?
Yes, only US citizens and legal permanent residents who pay taxes will be eligible for the rebate check.
How will they be sent out?
If you receive your tax refunds via direct deposit, you will get your rebate in the same way. If you receive it via check, then your rebate will come in the mail. Direct Deposit will happen much faster.
What agency will be in charge of doing that?
The Internal Revenue Service will process the payments.
When should people expect it?
Payments sent via direct deposit will take a couple of weeks. Payments sent via check may take a few months.
Will it be taxed?
No, payments are not taxable.