Q: COVID-19 Federal Stimulus FAQ
Have questions related to the COVID-19 stimulus payments? Here are some answers we've found!
Many questions surround the payment process involved in the COVID-19 stimulus package (a.k.a. "CARES Act, or "economic impact repayment"). To address uncertainty over when payments will arrive, what form they will take, & your particular situation's payout, the following information has been pulled directly from federal government websites:
Fraud Awareness & Avoidance
- Per the U.S. Treasury, the government will not be charging advanced fees for COVID-19 stimulus payments. If you receive a communication requesting your personal financial information & any type of fee, this is an attempt at fraud.
- If you think you've been victimized by a COVID-19 scam, here are links to report the matter to the FTC & FBI.
- If your payment has not arrived or is incorrect (failed to include dependents, etc.), check out this page from the IRS.
- Check the status of your payment via the IRS' Get My Payment portal
- IRS.gov has provided this helpful list of answers which addresses a number of concerns, including (but not limited to):
- Income & familial factors determining your payment amount - Income, filing status, dependents
- Information used to generate & transmit your payment - This information is pulled directly from your 2019 tax return (or 2018 if you haven't filed for 2019)
- Steps to take for those who aren't required to file tax returns, e.g. low-income taxpayers, seniors, social security recipients, etc.
- If you do not have access to your usual tax preparation resources, or do not typically have to file taxes, visit IRS.gov/coronavirus & scroll down to Tax Help for more information
- The IRS has stated it well mail a letter to a taxpayer's last known address within fifteen days following payment. This letter will include:
- Information on how the payment was made
- Instructions for reporting failure to receive payment
Small Business Assistance
- The "Paycheck Protection Program" arm of the Cares Act includes up to $349 billion in lending aid for eligible small businesses, non-profits, self-employed workers, etc.
- The U.S. Treasury has assembled this information page for businesses & lenders
- Check with the Kansas Department of Commerce for more Kansas-centric details for your business
- Also feel free to look up your local Chamber of Commerce, which will likely have additional helpful information (such as these pages from the Northeast Johnson County & Greater KC chambers)