Coronavirus Aid, Relief, and Economic Security (CARES) Act

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Trump signs historic $2 trillion stimulus after Congress passes it Friday
Fri March 27, 2020

“Washington (CNN)President Donald Trump signed into law Friday afternoon a historic $2 trillion stimulus package as the American public and the US economy fight the devastating spread of Covid-19.

The far-reaching legislation stands as the largest emergency aid package in US history. It represents a massive financial injection into a struggling economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption.”

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https://www.cnbc.com/2020/03/27/hou...onavirus-stimulus-bill-sends-it-to-trump.html
Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation
UPDATED SAT, MAR 28

“President Donald Trump signed a $2 trillion coronavirus relief bill on Friday, as Washington tries to blunt economic destruction from the pandemic ripping through the United States.

[...]

The plan, which includes one-time payments to individuals, strengthened unemployment insurance, additional health-care funding and loans and grants to businesses to deter layoffs, got through the Senate unanimouslyon Wednesday night. House Speaker Nancy Pelosi had described the bill “as mitigation” of the pandemic’s destruction, predicting Congress will draft more plans to aid in “recovery.””

“I signed the single biggest economic relief package in American history,” Trump said in the Oval Office as his top economic advisors and Republican congressional leaders stood behind him shoulder to shoulder. “This will deliver urgently needed relief to our nation’s families, workers and businesses, and that’s what this is all about.””

 

[margarita25]

Text - S.3548 - 116th Congress (2019-2020): CARES Act

 

[margarita25]

Please feel free everyone to discuss and learn about the CARES Act here.

 

[Laughing]

Looking forward to that direct deposit, you betcha'!!!

 

[angelainwi]

Anyone know how it works for the self-employed to file for unemployment?

 

[Laughing]

Anyone know how it works for the self-employed to file for unemployment?

Guessing, this will vary state by state. Find your state government's website & poke around.

And, try

Small Business Administration

since it looks like you are operating a small business.

 

[margarita25]

Fri March 27

• “Key elements of the package include sending checks directly to individuals and families, a major expansion of unemployment benefits, money for hard-hit hospitals and health care providers, financial assistance for small businesses and $500 billion in loans for distressed companies.”

Trump signs historic $2 trillion stimulus after Congress passes it Friday - CNNPolitics


• “While it is unclear how quickly the government will dole out some of the money such as increased unemployment benefits and small business loans, the White House and congressional leaders have said some individuals will receive direct payments of up to $1,200 within three weeks.”

Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation

 

[margarita25]

Wed April 1:

Coronavirus stimulus: How to get $1,200 check if you don't file taxes

• “Facing stiff criticism, the Treasury Department abruptly changed course late Wednesday and announced that Social Security beneficiaries and other Americans who haven’t filed income taxes for the past two years won’t have to take any extra steps to receive one-time checks of up to $1,200 under a new economic recovery program.”


• “Social Security recipients who are not typically required to file a tax return need to take no action and will receive their payment directly to their bank account,” Treasury Secretary Steven Mnuchin said in a statement.

Most Americans won’t have to do anything to receive a payment under the $2.2 trillion program designed to help the economy recover from the fallout of the coronavirus pandemic. The checks will be sent automatically within the next three weeks to eligible Americans who filed tax returns in 2018 and 2019.”

• “Mnuchin said the IRS will now use Social Security data to generate payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits, he said.”

• “The IRS said it is setting up a web-based portal at IRS.gov/coronavirus to provide more information on how to file a 2019 tax return and receive a payment.”

 

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April 1

“How your stimulus check is calculated
If you've already filed your 2019 taxes, the IRS will use those returns to determine your payment. If not, your 2018 returns will be used to calculate your check.

Individuals with an adjusted gross income of $75,000 or less will be eligible for a one-time payment of up to $1,200 ($2,400 for joint tax returns) and $500 for each qualifying child. Those with little or no tax liability also will get $1,200 ($2,400 for joint returns).

The payments will start to phase out for Americans who earn more than $75,000, or $150,000 for a joint return. The amount you receive will be decreased by 5% of the amount your income exceeds $75,000. For example, a single person with an $85,000 salary would get $700 after subtracting 5% of $10,000, or $500.

The payments will phase out completely for single filers with incomes exceeding $99,000, $136,500 for head of household filers with one child, and $198,000 for joint filers with no children.”

Stimulus check calculator: Calculate how much money you could get


Coronavirus stimulus: How to get $1,200 check if you don't file taxes

 

[margarita25]

April 1

“How will the money be provided?
Americans who already have provided the IRS with their bank account information will receive the money as a direct deposit. Those who haven’t will receive a check in the mail, although experts warn the wait for physical checks could take longer than three weeks. Those who want a direct deposit but haven’t provided their bank account information can do so through the IRS’s new online portal.”

[...]

“Meanwhile, online payment services such as Venmo have been in discussions with Treasury officials about helping to distribute the checks to consumers.”

Coronavirus stimulus: How to get $1,200 check if you don't file taxes

 

[margarita25]

April 1

How do I claim my stimulus check?

“Except filing a tax return, you don’t have to do anything to claim your stimulus check. The IRS will send you a check automatically to either your bank account through direct deposit or your mailing address listed on your tax return.

When will I get my stimulus check?

Direct Deposit: a few weeks

By Mail: a few weeks (or a few months)”

Do You Qualify For A Stimulus Check?

 

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“I want a stimulus check faster. Can I provide my direct deposit information?

Yes. The IRS will set up a website in the coming weeks for you to submit your bank information for direct deposits.

Do I have to pay income taxes on the stimulus check?

No.

Do You Qualify For A Stimulus Check?

 

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Economic impact payments: What you need to know | Internal Revenue Service

“Check IRS.gov for the latest information: No action needed by most people at this time
IR-2020-61, March 30, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact 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. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

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 and up to $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. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2019 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

I have a tax filing obligation but 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.”

 

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“However, there is a large group of Americans and immigrants in the country who will not get a check. Business Insider compiled a list of those who will not get help:

• People with incomes above $99,000 or single parents with incomes above $136,500
• Dependent children over the age of 16
• Dependent adults (including many college students between the ages of 19 and 23)
• Anyone without a social security number
• Nonresident aliens (immigrants who don’t have a green card).
• Undocumented immigrants
• People who haven’t filed 2018 and 2019 tax returns.

For more information, you can visit the IRS coronavirus page.”

 

[margarita25]

“Previous stimulus payments in 2001 and 2008 have been delivered by both direct deposit and checks in the mail, but mobile payment services like Venmo want to play a role this time. Treasury Secretary Steven Mnuchin said on Sunday that there will be a web-based app for those whose information is not on file to register their payment details.

The IRS will use your 2019 tax return, if you've already filed it, or your 2018 return to calculate the amount of your payment. The payments would not be subject to tax, and those who owe back taxes will still get the payouts.“

[...]

“Who will have to take action?
For those who haven't filed a return for either 2019 or 2018, the IRS urges them to do so quickly.”

Stimulus checks: Here's how you'll get your cash, and who will get it the fastest - CNNPolitics

 

[margarita25]

“Even those who don't normally need to file a tax return may have to in order to receive their payment. That includes individuals who earned less than $12,200 in 2019 and couples who earned less than $24,400, as well as some seniors. The IRS said it will soon provide further guidance here for those people about how to file a return.”

Stimulus checks: Here's how you'll get your cash, and who will get it the fastest - CNNPolitics

 

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“Tax Deadline Changed
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.”

Coronavirus Tax Relief | Internal Revenue Service

 

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“Will they use my 2018 or 2019 tax returns?
Your check will be based on your adjusted gross income (line 7 of your 2018 Form 1040 tax return or line 8b for 2019).

If you have filed your 2019 return, that information will be used. If not, the government will use your 2018 filing.

"The vast majority of people do not need to take any action," the IRS stated in March 30 guidance. "The IRS will calculate and automatically send the economic impact payment to those eligible."

If you have not filed either your 2018 or 2019 tax returns, the IRS suggests that you file immediately and include your direct deposit information to expedite your stimulus payment.

What if my situation has changed since my last tax return?
Your income may be substantially different in 2020 than it was back when you filed your last tax return.

That's particularly true if your line of work was hit hard by the coronavirus downturn, which may not be reflected in your past adjusted gross income numbers.

Right now, the answer is that you will still get a stimulus payment. But that may have to wait until you eventually file your 2020 tax return next spring.

"Anything that happens in 2020 that's not reflected in your 2019 or 2018 taxes, you're not going to benefit for that particular thing until you can file your 2020 taxes," said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a nonpartisan think tank.”

When will the money arrive? Here are answers to your questions about the coronavirus stimulus checks

 

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“Will my children be eligible for checks?
The legislation calls for $500 to be sent per eligible dependent.

But the definition of dependent is limited to children under 17, based on the same definition that’s used for the child tax credit.

So an elderly relative or other dependent who does not meet that criteria will not receive a check, Wamhoff said.

If you had a child in 2020, you will likely have to wait until you file your tax return for 2020 to receive a $500 check for them. That’s unless the Treasury Department comes up with a way for you to update that information.”

When will the money arrive? Here are answers to your questions about the coronavirus stimulus checks

 

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Coronavirus (COVID-19): Small Business Guidance & Loan Resources

Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Content

• Coronavirus Funding Options
• Guidance for Businesses and Employers
• Local Assistance
• Join the SBA's Relief Efforts
• SBA Products and Resources
• Government Contracting

Coronavirus Funding Options
Click here to learn more about available SBA loan and debt relief options.

Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.

To learn more about the relief options available for your business, click here.

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Join the SBA's Relief Efforts
Join our team! The SBA is hiring additional employees to assist with disaster relief efforts. Bilingual language skills are a plus. Remote jobs are available nationwide.

SBA Products and Resources
SBA is here to assist small businesses with accessing federal resources and navigating their own preparedness plans as described by the CDC’s Guidance for Businesses and Employers.

SBA works with a number of local partners to counsel, mentor and train small businesses. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. When faced with a business need, use the SBA’s Local Assistance Directory to locate the office nearest you.