The CARES Act has passed and many should be receiving stimulus checks from the government to help offset the economic impact of COVID-19. The payments are expected to start being dispersed in 3 weeks (from March 30, 2020) according to the IRS website.
FOR INFORMATION ON HOW MUCH YOU CAN EXPECT TO RECEIVE: The IRS website gives these guidelines
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.
Your eligibility will be based on your 2019 return, if you’ve filed it, your 2018 return if you haven’t.
The IRS is working on a web portal for you to provide your financial information.
For commonly asked questions, visit: IRS COVID-19 info
For future updates, visit: IRS COVID-19 Updates
Of the 2.2 trillion dollar stimulus, some of the money is allocated as follows:
| Individuals / Families | $603.7 billion | 30% |
| Big Business | $500.0 billion | 25% |
| Small Business | $377.0 billion | 19% |
| State and Local Government | $340.0 billion | 17% |
| Public Services | $179.5 billion | 9% |
Read more at Corona tax relief