Economic Impact Payments, How Are They Going to Work? (or how much will I receive?)
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.
Small Business, Farms, Individuals
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/.