Financial Resources & Information
Updated 11/17/2020

​​Stimulus Checks and Recovery Rebate Credit

 

If you met the criteria below on your 2019 tax return, then you should have received a stimulus check for $1,200 per individual and $500 per child.

If you did not receive a stimulus check or received less than you should have, then you are eligible to receive the Recovery Rebate Credit on your 2020 tax return if you meet the requirements below.  ​

Stimulus Check Criteria:

- Single filer with adjusted gross income below $99,000

- Joint filer with adjusted gross income below $198,000

 

Phase-out. The stimulus check is reduced by 5% of your adjusted gross income above the following thresholds:

- Single filers:  $75,000

- Joint filers: $150,000

- Head of household: $112,500

See the IRS FAQ on stimulus payments here

 

Tax Credits

Loans for Small Business 

  • Economic Injury Disaster Loan (EIDL​)You must have sustained substantial economic damage as a result of the COVID-19 pandemic.

    • Open enrollment​​. Apply here

  • Paycheck Protection Program (PPP)​

    • These are no longer available.

    • See FAQs, forgiveness applications, etc. here

    • Check with your lender to see if they are accepting forgiveness applications. If they are and you would like assistance, please contact us. 

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Student Loans 

  • All interest is waived on loans held by the federal government until December 31, 2020, which may be extended. 

  • Details and FAQs for loans through the Department of Education are here.

Installment Agreements with IRS

  • Existing Installment Agreements with the IRS

    • If you cannot make your payments, you can contact the IRS to suspend payments until your financial condition improves. See details here. Please contact us with any questions. 

Unemployment 

  • Self-employed: you may qualify for unemployment under the CARES Act. 

  • In the CARES Act stimulus package, anyone that received unemployment may also receive an additional $600 per week for up to 4 months. These amounts are in addition to your state benefits. 

  • Click here for a high-level overview. 

Please check with your state's Department of Labor for how to apply for unemployment.

Polaris Tax and Business Services, LLC

423.521.2045 (Chad)

423.521.5882 (Shannon)

info@polaristaxes.com