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

Publication Date

Spring 4-3-2020

Publication Number

LGP 1041


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