Hall Financial explains COVID-19 stimulus package
The $2 trillion CARES Act recently passed by Congress is a stimulus package aimed at helping millions of Americans who are encountering financial hardship during the coronavirus pandemic.
The package includes $1,200 payments for adults and $500 per child based on income levels from 2019 if you've filed your current year's taxes or 2018 tax filings if you've yet to file.
The U.S. government recently extended the 2020 filing deadline to July 15 because of the pandemic.
You are eligible as long as the person filing makes less than $75,000 or if you are couple earning less than $150,000. If a single person makes more than $99,000 a year, you will not be eligible for the stimulus package.
Officials are also working on ways to reach the homeless population as well.
"So, we're being asked to stay at home and not go out and contribute," said Chris Hall, managing principle at Hall Financial Advisors. "Well the consequences of staying home is this economic stoppage and the government deploys the CARES Act to make sure that they're able to get money in the hands of Americans."
The stimulus payments are expected to will begin arriving in about three weeks.