Economic RecoveryEconomic Recovery

The economic recovery from the devastating coronavirus pandemic has begun with the issuance of the Economic Impact Payments from the U.S. Treasury. Also, a part of the plan is the issuance of the small business loans/grants coming through the U.S. Small Business Administration.

Needless to say, the virus outbreak has been devastating for many Americans who may have lost jobs and put into an uncertain status while the emergency lasts.

The direct payments to taxpayers and loans/grants to small businesses are designed by the Trump administration to bring relief to families while a detailed strategy for reopening the economy is worked out.

Treasury Secretary Steve Mnuchin said 80 million Americans had already received their direct deposit payments by Wednesday. Others who had not filed already or registered for direct deposit with the Internal Revenue Service will be receiving them by mail.

The payments are going to U.S. residents in the amount of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work-eligible Social Security number with adjusted gross income that meets eligibility requirements. The details can be found on the IRS website at www.irs.gov/coronavirus/economic-impact-payment-information-center.

If you haven’t received a direct deposit payment, you can go to the same website to find out what you need to do next.

The IRS is also warning people to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money.

Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information — even related to the economic impact payments.

Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refund payments.

Small business has various loan/grant options during this health emergency to help them through these tough times as well as keep their employees. You can learn more about these options at the Small Business Administration website, www.sba.gov.

We can all do our part in both the health and economic recovery process by utilizing the various guidelines and programs being offered by national and state authorities.