Hey guys, it's Eric Taylor. This is a special midweek episode that we're dropping related to the most recent coronavirus stimulus bill called the CARES Act.

I have Michelle Cook with the Carter Cook CPA firm here to talk to us.

We're going to talk about as many specifics as possible for the aspects of the Stimulus Act that pertain

to you as a beauty professional. The listeners don't know that you and I have recorded an

episode already, but it was about tax-related things that were going to help them file their taxes for 2019 here as we sit in 2020.

However, we postponed, or we didn't postpone, but we shelved or mothballed that episode because

amidst the whole coronavirus thing, one of the aspects of what the government

has done is they have deferred the filing of taxes, right?

Right.

And so we're less concerned about filing taxes as we are with making sure we all have

enough money in our bank accounts to pay the bills that most need to be paid.

So we are here doing kind of our second recording and we're going to go through the CARES Act

to make sure that hairstylists know how to get what is coming to them to make sure that hair stylists know what they can get out of the CARES Act.

Okay, so let's go through the programs. You are the expert on this, but I'm going to just kind of toss up the ball

to you. I'm going to try to, you know, lead you and then you can take it. Why don't we start with

the lump sum payments. Some people are calling them stimulus checks. Right. Okay. So this is

the government's way of trying to get money into people's hands immediately.

It's going to be based off of your 2019 income as to whether or not you receive a check.

Like you said, the deadline for filing 2019 has been extended to 2015.

So if you haven't filed yet,

then they're going to look at your 2018 tax return. But it's an immediate payment for $1,200 for

each adult and $500 for each child dependent on your tax return. So that's just money that should be deposited in the next few weeks.

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