Signed into law March 28, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is promising cash payments to Social Security Disability Insurance (SSDI) beneficiaries. The legislation also includes more than $300 million to aid the Social Security Administration (SSA) during the global health crisis.
According to an article published by Yahoo Finance, “The amount of the CARES rebate varies by family size and income recorded in recent tax years. Each individual adult taxpayer can receive up to $1,200 ($2,400 for joint filers) and $500 for each child under age 17. The payment is reduced by $5 for every $100 of income over $75,000 (individual), $112,500 (head of household filer), or $150,000 for those filing jointly. Individuals with a yearly income above $99,000 (or couples with more than $198,000 in annual income) will not be eligible.”
Additionally, if an individual increases their household or family size, or suffers income loss in 2020, they may be eligible to claim additional credit on their 2020 tax year return. The majority of taxpayers who filed a 2018 or 2019 tax return with Social Security numbers will receive direct deposit or checks directly from the U.S. Treasury.
Relevant Pages: Social Security Disability