The new coronavirus has drastically impacted Americans and the world. Unfortunately, those of us living in New York have been hit the hardest. People have been forced to close their businesses, lay off employees, and more. Fortunately, under the new CARES act, many Americans will be receiving relief in the form of stimulus payments. Please continue reading and reach out to our experienced Rockland County bankruptcy attorney to learn more about whether you qualify for a stimulus check, and how our firm can be of assistance in any way through these trying times.
What does the CARES Act do?
The CARES Act declares that certain individuals are to receive financial relief in the form of a $1,200 one-time cash rebate. That being said, unfortunately, not everyone will qualify. The guidelines for who and who will not receive the rebate are as follows:
- Those with an adjusted gross income of $75,000 or less on their most recently filed tax returns will most likely qualify.
- Single adults who are currently earning more than $99,000 yearly will not receive the cash rebate.
- Those who make a yearly income between $75,000 and $99,000 may receive less than $1,200 in the cash rebate, though they should still receive some money.
- Married couples who are earning an income of $150,000 or less should receive $2,400 in the cash rebate.
- Every qualifying child that is 16 years old or younger will allow families to receive an additional $500 rebate.
- Married couples earning $198,000 or more will not qualify for the cash rebate.
- Couples who currently earn a combined income of $150,000-$198,000 may receive a cash rebate less than $2,400.
If you have any additional questions about how this may affect you, or about how the new coronavirus may affect your bankruptcy case, please do not hesitate to speak with our knowledgeable Rockland County bankruptcy attorney today. These are unprecedented times, but we are confident that we will get through this together.
Contact our experienced New York firm
The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.
