Cares Act Coronavirus Stimulus

How does the Cares Act affect…

Treasury Payments to Individuals

  • Most adults are eligible for a one-time $1200 payment.
    • Single adults with an adjusted gross income above $75,000 will receive less, and those above $99,000 are not eligible. These figures double for married couples without children.
  • Qualifying children 16 and under yield an additional $500 payment.
  • The IRS will use your existing tax return bank account information for these direct deposit payments. Physical notice of payment will arrive by mail several weeks after disbursement. Follow links below to the IRS website
  • The Senate Finance Committee has a detailed FAQ page, which you can read here.

Small Businesses

  • Small businesses, 501(c)(3) nonprofits (including churches), a 501(c)(19) veterans organizations, and tribal businesses are eligible to apply for Small Business Administration loans authorized in the Cares Act. Apply here
  • Follow the Coronavirus Tax Relief for Businesses and Tax-Exempt Entities link for information on the IRS website.
  • More resources to help small businesses navigate the coronavirus pandemic can be found here.

Student Loans

  • Automatic payment suspensions will go into place for any student loan held by the federal government until Sept. 30.
  • Interest shall not accrue on federal student loans during this time.
  • The suspension will not negatively impact your qualification for the student loan forgiveness program. Your payment count should go up one payment per month until Sept. 30 despite the payment suspension.
  • Contacting your loan servicer is best if you have questions related to your specific situation.

Retirement Accounts

  • Required minimum distributions, from accounts or plans that typically require them, will not be mandated for calendar year 2020.