DECATUR, Ill. (WAND) - President Trump recently approved the "Coronavirus Aid, Relief, and Economic Security Act," or CARES Act. This $2 trillion dollar bill is called the largest economic relief package in American history. The U.S. Treasury Secretary, Steven Mnuchin, said people should expect a check.
The amount of money one gets depends on how much they have made. If one earned less than $75,000 in 2019; they could be eligible for $1,200. Couples who filed their taxes together can get $2,400 if they made less than $150,000. For every child in the household, is an additional $500. Reports show the stimulus is an "advance of a refundable tax credit" on the 2020 taxes. Mike Jesse, from Jesse Tax Service in Decatur, said "an advance sounds like it is going to be a refundable credit on next year's taxes."
"Refundable, the best kind of credit there are, is free money," Jesse said.
Kelly Wingard, from Kate Tax Service (also in Decatur), said there isn't concrete evidence one will have to pay the difference when doing the 2020 taxes.
"In the past, they've [stimulus checks] have not been to be repaid,"Wingard said. "But that's going back to the 2008 stimulus checks. We don't know how the government is going to handle this one."
However, Jesse said depending on one's previous taxes; one shouldn't have to pay the difference if they met the requirements to earn the check.
There's still plenty of time to file taxes. The IRS extended the federal tax filing deadline to July 15, 2020.