You could get a direct payment of $1,200, depending on your income.
If all the alarming coronavirus headlines have your anxiety at an all-time high, here’s some good news: A highly anticipated stimulus package meant to provide financial relief to consumers and businesses struggling in the wake of the COVID-19 pandemic is ready to be set in motion.
Those who qualify for the $1,200 credit will also receive an additional $500 for each qualifying dependent 16 years old or younger. About half of households have filed their 2019 taxes already even though the deadline has been extended to July due to the pandemic, and for the other half, the IRS may use their 2018 data. But if they didn’t file that year either, they’ll need to file their 2019 return to get any money.
“This would have been an ideal circumstance for somebody to walk in to a VITA site,” said Howard Gleckman, a senior fellow with the Urban-Brookings Tax Policy Center. The best alternative may be to file for free online through one of the services linked on IRS.gov. 3. Bailouts for major companies: A $500 billion fund will be created to provide distressed businesses with emergency loans, with a set amount to be set aside to help specific industries that were hit particularly hard by the pandemic, such as airlines, hotels and casinos. This fund will be managed by the Treasury Department.
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