(Washington, DC) — The Treasury secretary says financial relief for the coronavirus fallout is arriving this month. During a White House briefing, Steven Mnuchin announced the economic impact payments would be hitting direct deposit accounts within two weeks. He also reminded Social Security recipients they don’t need to file tax returns to get their share.
The payments were part of the economic stimulus package signed by President Trump last month. The money should help Americans pay rent and put food on the table.
A paper envelope written with the words “Rent Money $ ” is left tucked in a lighting pole in the Boyle Heights east district of the city of Los Angeles on Wednesday, April 1, 2020. It’s the first of the month, and rent is due for millions of Americans for the first time since the coronavirus outbreak turned the economy upside down. Most states and local governments have stopped evictions to give time for unemployment benefits and federal stimulus checks to arrive. But there is still plenty of worry that even if April’s payment is delayed, the rent will still come due before many industries are up and running again. Nearly 3.3 million people in the U.S. filed unemployment claims for the week of March 16, as the shutdown from the virus started. (AP Photo/Damian Dovarganes)
Tax expert, Lawrence Levy of Levy and Associates, explained to Jen and Bill on the South Florida Morning Show that even if you owe taxes, you will still get a stimulus check. But, if you owe child support back payments, you will not.
Listen to the full interview with Lawrence Levy hear. He explains all you tax needs.
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