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Frederick, Get to know the CARES Act In response to the outbreak and related financial impact, the $2 trillion Coronavirus Aid, Relief & Economic Securities Act (CARES Act) was signed into law on Friday, March 27, 2020. The goal of this act is to provide financial relief for individuals, families and small businesses from the effects of the economic slowdown.
Will I receive a stimulus check? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Will I receive a check? Your payment will be based on your most recently filed tax return. So, if you've already filed for this year, it will be based on your 2019 return. If you haven't, don't worry because the deadline has been extended, and your payment will be based on your 2018 return.
Eligible taxpayers will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Families can also receive an additional $500 for each qualifying child, up to 3 children, for a total family benefit of up to $3,900.
There are a number of other details to be considered including eligibility for individuals receiving Supplemental Security Income (SSI) and Social Security Disability Income (SSDI). The IRS continues to provide updates as they develop here.
How will I receive my funds? The vast majority of people do not need to take any action. The IRS will calculate and automatically send economic impact payments to those who are eligible. The payment will be direct deposited into the same bank account reflected on your most recently filed tax return.
If you don't think the IRS has your direct deposit information, don't worry. In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their bank information to the IRS online, so individuals can receive payments immediately as opposed to waiting for checks in the mail.
The full details regarding how you will receive the stimulus funds are available on the IRS website in the news release titled IR 2020-61.
If you've already filed your taxes but did not provide direct deposit information to the IRS, or if you want to change your direct deposit information, you will be able to provide your Holy Rosary account information online to a secure portal on the IRS website beginning Friday, April 17th. This will allow you to receive your payment much sooner instead of waiting for a check in the mail.
If you receive your stimulus check by mail, Holy Rosary Credit Union members can deposit funds in the following ways:
Our dedicated COVID-19 page addresses more frequently asked questions, targeting the benefits focusing mostly on individual and family information.
We encourage you to consult our teammates with questions specific to your situation. We've also created a dedicated page covering CARES Act's opportunities for small businesses.
At Holy Rosary Credit Union, the health and financial wellbeing of our members and staff is our top priority. We understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) and are committed to serving your financial needs. We want to reassure everyone that your funds are insured by NCUA and that Holy Rosary Credity Union is considered an essential business that will not shut down.
We will continue to make emergency announcements on the HRCU's response to COVID-19 website page, on our Facebook and by Twitter. For additional information about COVID-19, visit the Centers for Disease Control and Prevention at www.cdc.gov
Carole Wight, President
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