How To Get Your CARES Act ‘Check’

In a short time our reality has shifted, leaving many of us in very unfamiliar and compromising situations. The coronavirus pandemic has impacted everyone, whether infected or not. 

 

Echoing from around the world are the cries of people who weren’t prepared for the whirlwind of challenges brought on by this pandemic.

 

Over the past couple of weeks there had been talks of an economic stimulus bill to provide relief for Americans (including individuals and businesses). On March 27, 2020 the President signed the Coronavirus Aid Relief and Economic Security Act (CARES) into law. This means some relief is on the way. Here’s what you need to know.

 

Who will benefit from this?

Americans who pay taxes will receive a stimulus payment. This stimulus payment is available for individuals with an income up to $75,000 and $150,000 for married couples.

 

If you are not required to file taxes, you can still receive the stimulus payment. According to the IRS, people who typically do not file a tax return must file a simple tax return to receive an economic impact payment. The form for non-filers can be found here

 

What relief will I receive as an individual?

Individuals will receive a one-time direct deposit stimulus payment of up to $1,200, and married couples will receive $2,400, plus an additional $500 per child.

 

The unemployment insurance program has also been extended to provide relief. Eligibility has been expanded and will also apply to the self-employed, independent contractors, and gig economy workers. Click here to access the Unemployment Benefits Finder. 

 

When will I receive my payment?

The IRS has begun distribution of the economic impact payments. If you haven’t received yours yet, beginning mid-April, you will be able to check the status of your check via the Economic Impact Payments page.

 

How will I receive my payment? 

The economic impact payments will be directly deposited into your bank account, the same banking account reflected on your filed tax return (2019 or 2018). On the IRS Economic Impact Payments page , you will also be able to:

  • Confirm your payment type: direct deposit or check.
  • Enter or update your bank account information for direct deposit if the IRS doesn’t have already have it.
  • Update your address if you’ve moved since you last filed taxes.

 

You can prepare yourself to receive your direct deposit payment by enrolling in a MoCaFi bank account. Download the app and enroll to access your routing and bank account numbers that you’ll need to receive your payment.   If you opt to receive a check in the mail, you can cash your check with a photo through the Ingo Money feature in the MoCaFi app.  We will waive any fees charged by Ingo Money for all government checks.

 

Where can I find updates and more information as it becomes available?

 

 

  • You can find a list of helpful questions and responses about the economic impact payments here.

 

 

Check back to this blog post for more information as we find it and post for your benefit.