Economic Impact Payments, How Are They Going to Work? (or how much will I receive?)

Authors

Adam KantrovichFollow
Scott Mickey, Clemson UniversityFollow
Nathan Smith, Clemson UniversityFollow
Steven Richards, Clemson UniversityFollow

Publication Date

Spring 4-3-2020

Publication Number

LGP 1041

Summary

As part of the $2 trillion economic stimulus package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted and became law March 27, 2020.¹ As a result, many individuals and families are eligible to receive an “Economic Impact Payment” (EIP). In reality, the payments are a tax credit/advanced tax refund provided to the taxpayer for the 2020 year. These payments will be received in the form of a refund of income taxes.

Publication Type

Short Communication

Target Audiences

Small Business, Farms, Individuals

Recommended Citation

Kantrovich AJ, Mickey S, Smith N, Richards S. Economic Impact Payments, How Are They Going to Work? (or how much will I receive?). Clemson (SC): Clemson Cooperative Extension, Land-Grant Press by Clemson Extension; 2020. LGP 1041. http://lgpress.clemson.edu/publication/economic-impact-payments-how-are-they-going-to-work-or-how-much-will-i-receive/.