By April 3, 2020 Read More →

Coronavirus Update: CARES Act highlights -Those $1,200 checks and more

By David Beard, The Dominion Post

MORGANTOWN, W.Va. – U.S. Senate staff this week offered a briefing and handouts on some of the details of the recently passed coronavirus stimulus and relief bill, called the CARES Act.

The information decries the intent of the bill. Federal agencies are now developing guidance on exactly how they will implement the bill’s directives. Agencies are just now getting their guidance in place form the previous package, so it could another week or two to get their CARES provisions into place.

Here are some highlights from the information provided.

Individual payments. Individuals making up to $75,000 and couples making up to $150,000 will receive direct payments of $1,200 each. People who receive IRS tax refunds through direct deposit and who filed a 2018 or 2019 tax return should see their deposits in the next few weeks. People on Social Security or who do not file taxes will receive checks; checks may take several months to arrive.

Individuals making more than those thresholds will see $5 deducted for every $100 of income. Individuals making more than $99,000 or couples making more than $198,000 will receive nothing.

CARES also provides $500 per child. The language applies to those 18 and under; it’s unclear if a 20-year-old dependent would be eligible for the $500 or receive their own $1,200 check. That will be made clear in the guidance. …

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