CARES Economic Impact Payments

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The CARES Act, which the president signed on March 27, provides direct economic impact payments to Americans for financial relief during the coronavirus pandemic. Payments are available to adult residents who are not dependent on another taxpayer and have a work-eligible Social Security Number.

                        


The maximum payment of $1,200 ($2,400 for a married couple) is available to U.S. residents with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married). Adults are also eligible for an additional payment of $500 per child. A typical family of four will receive a $3,400 recovery rebate. The rebate amount is reduced by $5 for each $100 that a taxpayer’s income exceeds the phase-out threshold. The rebate is completely phased-out for single filers with incomes exceeding $99,000 ($146,500 for head of household filers with one child, and $198,000 for joint filers with no children). For a family of four, the amount is completely phased out for those with adjusted gross incomes exceeding $218,000.

The payments will be automatically paid by the IRS, and most taxpayers will need to take no action. Payments are based on the last filed tax return (either 2018 or 2019). People who do not file taxes (such as some low-income taxpayers, senior citizens, Social Security recipients, veterans, and individuals with disabilities) can still receive payments; the IRS will work with other agencies to figure out how to get the payments to non-filers. Non-filers may need to fill out a brief form, as was required in 2008. The CARES Act also requires the Treasury Department, in conjunction with the Social Security Administration and other federal agencies, to conduct a “public awareness campaign” about the rebates, especially targeting those who do not file tax returns. The Treasury Department has announced that Social Security recipients, Supplemental Security Income (SSI) beneficiaries, and veterans will receive their payments automatically. 

Timeline
People who opt to receive payments via direct deposit began to receive payments the week of April 13. Approximately 10 days later, Social Security recipients who did not file tax returns in 2018 or 2019 began to receive payments via direct deposit. Paper checks began to be mailed out the last week of April. Lower income individuals will receive checks first. Check the status of your payment here.

You can find up-to-date information on the IRS' website or by visiting IRS' Get My Payment FAQs.

FAQs:

IRS - Economic Impact Payment Information Center

Get My Payment FAQs

CARES Act Rebates Explainer

Families First COVID-19 Resources Toolkit