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COVID-19 Stimulus Package
Naomi Blemur • July 30, 2020
As a response to the impact that COVID-19 has had on the economy, the government is issuing stimulus checks to many Americans. At the same time, it’s offering aid to businesses that need more liquidity in order to weather quarantine.
This assistance is necessary for many individuals and businesses, but it also comes with a number of different questions. Do you qualify for the COVID-19 stimulus check, and if so how will you receive it? What if your business hasn’t applied for aid? Is it too late?
Below, we’ll answer some of your most frequently asked questions.
Do I Qualify for a COVID-19 Stimulus Check?
The COVID-19 stimulus package is designed to assist Americans in need. For this reason, it’s targeted at those who are making $75,000/year or less. If you’re making less than $100,000, you may still be eligible for some stimulus, you just won’t receive the full stimulus check.
One of the most important qualifying factors is your 2019 tax return. If you haven’t filed it yet, you can still get a stimulus check based on your 2018 tax return. If you haven’t filed your 2018 return, you should do so as soon as possible. Failure to do so may result in you not receiving your check.
How Will I Receive My Covid-19 Stimulus Check?
The government has two major distribution methods for releasing stimulus checks: direct deposit or mailing you a check.
Direct deposit is the fastest way for individuals to receive their stimulus. If you used a bank account for tax returns in 2018 or 2019 and you still have access to that account, you should be all set. It’s still important to check with the IRS
to ensure they have all the information they need.
If the IRS doesn’t know where to send a direct deposit, you may still be able to update your information via the link provided above. This is recommended, since it’s the fastest way for you to receive your stimulus.
If the government doesn’t send a direct deposit, they will send your stimulus check via the mail.
What If My Business Hasn’t Applied for Coronavirus Aid Yet?
If you’ve been watching the news, you’re likely aware of the fact that the initial stimulus package that the government set aside has run out of money. While this is unfortunate, it doesn’t mean that the money has run out for good. Instead, Congress is expected to pass additional packages as the situation evolves.
If your business could use this stimulus, it’s imperative that you apply for it as quickly as possible. This is because there’s such a high demand. It’s too late to apply for the current round of stimulus, but doing so at the soonest available opportunity greatly increases your chance of receiving aid.
Have Any More Questions About How COVID-19 Has Affected Your Finances?
Whether you’re an individual or a business, BL Consulting is here to help. We assist people and business entities with a variety of different financial situations, which is why our experts are well-prepared to help answer questions you may have about COVID-19’s impact on your finances.
If you have any questions or are ready to book one of our services, you can call us at (866) 677-7623.
Wondering what accounting or bookkeeping services you can use during this time? Learn what services Naomi Blemur, President of BL Consulting, is offering.
Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged. You know your audience better than anyone else, so keep them in mind as you write your blog posts. Write about things they care about. If you have a company Facebook page that gets lots of comments, you can look here to find topics to write about.
Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged.
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Wondering what accounting or bookkeeping services you can use during this time? Learn what services Naomi Blemur, President of BL Consulting, is offering.
Write about something you know. If you don’t know much about a specific topic, invite an expert to write about it. Having a variety of authors in your blog is a great way to keep visitors engaged. You know your audience better than anyone else, so keep them in mind as you write your blog posts. Write about things they care about. If you have a company Facebook page that gets lots of comments, you can look here to find topics to write about.