Can Coronavirus Aid, Relief, and Economic Security (CARES) Act support all the millions of freshly unemployed Americans?
THIS IS A DRAFT - The first coronavirus relief package costing $2.2 trillion was enacted on March 27, 2020, Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest economic relief bill in U.S. history. It is intended to allocate support to individuals and businesses affected by the pandemic and economic downturn.
Many people have questions about how the new law impacts employment and businesses.
The (CARES) Act will also benefit independent contractors, subcontractors, small businesses and self-employed. Others who are eligible to receive these benefits also include those unemployed even before the outbreak, those who find themselves without a job or are affected may receive $600 per work for the next four months, courtesy of the coronavirus relief package.
What is the impact of Coronavirus Aid, Relief, and Economic Security (CARES) on TAX RETURN and as REBATES?
Tax filing and payments for tax year 2019 have been delayed until July 15. Treasury Secretary Steven Mnuchin announced that these beneficiaries will not have to submit a separate tax return to receive a rebate. The payment will be sent directly to their bank account associated with those benefits. Other taxpayers who have not filed for the past two years should submit a tax return for 2018 or 2019 as soon as possible to receive their rebate.
In the event you have not filed taxes 2019?
The IRS will look at your 2018 tax return to check for rebate eligibility. Social Security beneficiaries will still receive rebates even if they have not filed tax returns for 2018 or 2019; their rebates will be sent to the bank account associated with receiving benefits.
If I had high income in 2019 but lost my job because of the outbreak, do I still qualify for CARE ACT?
Taxpayers whose income in 2019 is above the threshold remain eligible for a partial refund. Refunds will depend in the phaseout range of the Treasury.
If I have not filed my taxes for 2019, do I still qualify for CARE ACT?
The IRS will look at your 2018 tax return to check for rebate eligibility but has also advised all taxpayers expecting a refund to file their 2019 tax return as soon as possible.
When pressing issues as large as a pandemic arises, it is imperative that those in need of assistance may collaborate with professionals, and the government to see to it that the flow of commerce may gradually return once the situation returns to normal.
As the COVID-19 outbreak tests the capabilities of the medical industry in developed and developing countries, The economy of said nations are forced into a painful standstill. As of late March, 3.2 million Americans are stranded in their own homes, prohibiting them from working and earning a stable income (NBC News, 2020). Those unlucky to be incapable of working at home face terrifying consequences that come with unemployment such as losing their homes, and shortages of basic necessities like food and medicine. In these trying times, one could ask: “Can Coronavirus Aid, Relief, and Economic Security (CARES) Act support all the millions of freshly unemployed Americans?”.
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