Written by Tasia Lundberg (News Writer)
Due to the outbreak of Coronavirus, many businesses are shutting down either temporarily or for good, which has caused many people to lose their jobs. The Senate in an effort to combat the economic crisis passed the CARES Act, with President Trump’s signature of approval. This act has been widely accepted as something that will help U.S citizens and the struggles that the outbreak has made.
The CARES act was created to provide relief to U.S citizens in and out of the state, who had filed taxes the last year and are filing taxes this 2020. This act is a two trillion dollar response bill to the outbreak of Coronavirus to try to speed up economic relief. The stimulus package will provide money to tens of millions of American Homes and businesses affected by the pandemic. It is estimated that most adults will get $1,200, however, some may get more. Also for every qualifying child under 16, there will be an additional $500.
The logistics of getting the full $1,200 depends on your current financial status , relationships, and if you have any children. Single adults (with social security numbers) that have a gross income of $75,000 or less will get the full amount, however, if you are married with no children, receiving $150,00 0r less you will receive $2,400. One way to not qualify for the package is if you are single earning $99,000 grossly, or if you are married with no children and making $198,000 grossly. (For married couples with children it would be if the income surpasses $218,000).
There is one problem with the package. Being claimed as dependent on a tax return. If you are a college student and are claimed as a dependent you will not be getting the checks. However, any person under the age of 24 is considered independent. So, any highschool students claimed a dependent on tax returns are not going to be any stimulus money. One good thing about the stimulus package is that you do not need to apply for it due to the IRS having previous years’ tax returns. The money will be either deposited via direct deposit or check in the mail. Just this week, the first stimulus package checks are being sent out, though it is not getting much media. It is expected that most people will receive the payment by April 17th.
Some groups will be receiving the stimulus package even if they have other benefits, such as social security checks, retirement payments, and disability. U.S. citizens abroad are also getting the stimulus package if they have a Social Security number and meet the requirements. So, the package is not really picky with who is getting it and is directed to helping out citizens actually struggling.
The CARES Act is important because it is relief to the economy and people struggling. Even if most of the readers are not eligible for it, it is an important act because it could be helping a parent or guardian in need and overall affect your home life. All in all, money is money, and even if the stimulus care package may be added to taxes in the future what is most important is that it is helping people in need presently.