Coronavirus Aid, Relief and Economic Security (CARES) Act

Brenda Langdon, Family Resource Management Agent

Every day we are hearing about and living the effects of Coronavirus or COVID-19. Businesses and schools have shut down, parents are helping their children learn from home via technology with their school and teacher, parents are working from home and we are living in an unsettled time. There are a lot of acronyms in the news these days, which can add to the confusion and stress. Let’s talk about the acronym CARES. CARES stands for Coronavirus Aid, Relief, and Economic Security Act. The CARES Act is a law meant to address the economic fallout of the 2020 Coronavirus pandemic. Its intent is to provide fast and direct economic assistance for American workers, families, and small businesses, and to preserve jobs for American industries.

The CARES Act is funding the stimulus checks that many people currently have received or will be receiving. Please be aware of scams. The government will not call and ask for your bank account information, or your social security number, nor will they ask for any payment from you in order to receive your stimulus check. The graphic below will help explain how much you can expect to receive.

Every year we all work towards meeting the April 15th deadline to file our taxes. It’s a little 

more dreaded if you owe money to the IRS versus getting a refund. This year due to the

COVID-19 outbreak, the deadline to file and pay your 2019 income taxes has been extended to July 15, 2020. This applies to both individuals and businesses. If you have not yet filed, your stimulus check will be based off of your 2018 tax return filing. If you owed money to the government and they do not have your bank account information for direct deposit you can go to www.irs.gov then the get my payment link where you can add your bank account information to your records.

Here are some ideas for ways to make the most of your stimulus benefit. 

1. Pay your bills – such things as rent, food, mortgage.

 Meet your basic needs first. 2. Pay Down Debt.
3. Build an emergency savings fund.
4. Help others who are less fortunate.

Even though we are working remotely, Post Rock District staff are here to help during this difficult time. Please call your local office with any questions.