The CARES Act is an emergency federal relief package recently signed into law to support coronavirus impacted families, businesses, and industries. Payments of $1200 per individuals and $500 per child for those with an annual income below $75,000 will begin in the next three weeks, with no action required for most people.
The IRS recommends those needing to file taxes in 2018 or 2019 and have yet to do so file now to ensure receipt the COVID-19 payment. Answers to questions about the distribution of direct payments, including eligibility requirements, how to file a tax return to receive the payment, how long the payments will be available, and other questions may be found by clicking here.
Along with payments to individuals, the State of Alaska is set to receive at least $1.25 billion from the CARES Act. Governor Dunleavy advised his office will be administering those funds. Dunleavy has until April 17 to sign the budget passed by the Alaska State Legislature, minus any line item vetoes or funding reductions. The Governor does not have the power to make any additions to the budget passed by the Legislature.