With the federal passage of the stimulus relief measure, also known as the CARES Act, comes a lot of questions as checks prepare to be sent out.
Anna Gentry with Duguid, Gentry and Associates appeared on WHOP Thursday and gave some more information, explaining the income thresholds and who is eligible to receive a stimulus check.
Families with children 17 years of age and younger will receive $500 for each child. She says the checks will be direct deposited, but if you don’t have your bank information filed, then it will get sent in the mail.
If you haven’t filed tax returns in 2019 or 2018, she says things get trickier, but if you draw social security then you are still eligible to get a check. She says the money is considered a refundable tax credit and will not have to be reported as income on 2020 tax forms.
Individuals who use direct deposit could receive the money in the next three weeks—those who will receive in the mail could have to wait between six to eight weeks to get it. Gentry strongly encouraged everyone to regularly check the IRS website for up-to-date information, as things are changing frequently.
You can visit the IRS website here.
Learn about Small Business Association Disaster Loans here.
Listen to Gentry’s entire interview below: