Let’s understand Stimulus Check

Snippets of CARES Act:

On March 27th, 2020, U.S. Congress launched the Paycheck Protection Program (PPP Loan) with $2 trillion economic relief package in the interest of safeguarding small businesses, professions, jobs across U.S. from the public health and economic impacts of COVID-19. The stimulus package is one of those relief programs which backed up businesses and individuals from economic fallout.

Eligibility Criterias for Stimulus Checks:

You are entitled to get Stimulus Payment through the CARES Act, if you are eligible for below criterias.

• For Individuals (For Single or Head of Household filer)- up to $1200
• For Joint Taxpayers- $2400
• For each qualifying child under 17, you are eligible to receive additional $500
• Further, if you have adjusted gross income (AGI) up to $75,000 ($112,500 for head of household and $150,000 for couples filing jointly), you will receive the full amount.

Note: For getting benefit of Stimulus checks, you need to file a tax return in 2018 or 2019.

How to get my Stimulus Check?

• The first step to get Stimulus Check done is to file your 2019 tax return. Once you file your tax return for (2019 or 2018), the IRS (Internal Revenue Service) will send your Stimulus check to your direct deposit account. For those who have already filed taxes, no action is required.

How to use the Stimulus Check?

• If you are facing any kind of financial hardship or reduction in income, you can utilize the funds for essential expenses or reserve the funds in cash. If the stimulus payment is not be sufficient, contact your lenders or banks and discuss about a reasonable payment plan in case they can defer any payments.