FAYETTEVILLE, Ark. — We’ve heard a lot about the stimulus checks that are part of the CARES Act, but who exactly will be getting one and what do people need to do?
“The idea is to get money to people that need it the most regardless of how they receive their income,” said University of Arkansas Economist Mervin Jebaraj.
Jebaraj says everyone whose income is under $75,000 or their household’s income is below $150,000 will get the $1,200 stimulus check or $2,400 for households. Everyone who makes $99,000 will also get a check it will just be less than $1,200.
“I think the law is as broad as it can be to provide people with this one time payment,” he said.
People who receive social security will also be getting checks. Jebaraj says people who receive social security as just part of their income already file taxes, but the small portion of people who only receive social security typically do not. He says the IRS first said those people needed to file simplified tax forms, but after opposition, they changed their plan.
“Now, they’ll get that information from the social security administration on the people that only receive social security as their only income and send money directly to them without them having to go out and file taxes,” Jebaraj said.
Susan Reehl is the executive program director at Westark RSVP and says they’ve been receiving a lot of calls from people on social security.
“People who receive social security retirement and social security disability which are known as SSA and SSDI are not going to have to do anything to get their stimulus payments. If you get an SSA-1099 form social security at the end of the year showing what your earnings are, then you are done,” she said.
Right now, the government is saying people should start seeing these checks deposited into their accounts in the next three weeks.