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COVID-19 Stimulus Funds on the Way!

DAVIS-MONTHAN AIR FORCE BASE, Ariz. --

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for “stimulus payments” for most Americans.  The amount of the payment is based upon your income and family size.  Most singles can expect $1200, married couples $2400 and those with children, an additional $500 per child.  Many will receive the stimulus money this week if they received a direct deposit tax refund in 2018 or 2019.  For those who received refunds by check, the stimulus payment will be by check and take longer, as long as August through September.

The IRS has issued warnings about scammers, either calling over the phone or sending an e-mail, claiming to help you set up direct deposit. Don't fall for it!  The IRS never initiates contact with a taxpayer by phone or e-mail; they correspond by mail. Remember, if it sounds too good to be true - it probably is! The IRS has set up a web page with general information on the stimulus payments:  https://www.irs.gov/coronavirus/economic-impact-payments

Once the money is received, what should you do with it? This is an individual decision based upon personal circumstances.  You may need to use the funds immediately due to personal impacts, such as loss of a spouse’s job. Some may spend the money to support local businesses or support a favorite charity. Others will opt to place the money in savings or pay down debt. All are valid options but take some time to decide before hastily spending.

The Davis-Monthan A&FRC has a team of financial professionals who can assist you! Contact our contracted financial counselors directly for assistance: pfc.dmafb.usaf@zeiders.com/520-240-8742 or pfc2.dmafb.usaf@zeiders.com/520-330-2628.  You can also call the A&FRC at 228-5690 to be referred to a member of the Personal Financial Readiness Team.