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The coronavirus (COVID-19) pandemic is shifting household finances. Social distancing and the stay-at-home orders implemented in many states have caused a decrease in income for numerous individuals and families. The Coronavirus Aid Relief and Economic Security Act (CARES) offers aid to individuals and families amid this crisis.

Stimulus Payments

One provision of the CARES Act is an economic stimulus. The stimulus payments will be up to $1,200 for each taxpayer filing single and earning up to $75,000. Married couples filing jointly and earning up to $150,000 could receive payments up to $2,400.

Individuals and families will also receive $500 for each qualifying child 16 years old or younger. Payments will gradually reduce for individuals filing single and earning more than $75,000 annually and married couples filing jointly and earning more than $150,000. Payments will also reduce for head-of-household filers with an annual income above $112,500. To see how much your check will be, go to Stimulus Check Calculator.

Stimulus Not a Bonus

The stimulus funds are not a bonus and should be managed wisely. Important things to remember are to make a plan, prioritize, and contact creditors. As with anything, communication is vital. If you are having problems managing your finances, Alabama Extension offers tips and suggestions for those who need help when there isn’t enough money to pay bills.

Additional Information

The Alabama Extension website provides valuable information on surviving and adapting during the COVID-19 outbreak. Search the Alabama Extension website for additional finance and career information for those facing financial problems as a result of the pandemic.

Where to Go for Help

Additional information on assistance during COVID-19 is available from the following:

ALtogether 

United Way

Centers for Diseases Control and Prevention

Consumer Financial Protection Bureau

Health Care Assistance

Unemployment Benefits

Help with Utility Bills and Housing

Electric Bill Assistance

Companies have announced the implementation of flexible payment options amid the coronavirus pandemic.

  • Alabama Power has announced that late payment fees and disconnections will be suspended amid the coronavirus pandemic. Contact them at (1-800) 245-2244.
  • Dixie Electric is also asking customers who are having trouble paying their bills to contact their office at (1-888) 349-4322 to speak with a service representative.
  • Please contact your local cooperative electric provider for help at https://www.areapower.coop/.

 

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