According to a release from North Carolina Senator Thom Tillis, “the Phase III emergency relief and economic stabilization package will soon provide direct checks to many North Carolina families” and small businesses. However, this emergency relief may not cover a large number of college students.
The CARES Act is a coronavirus response bill that, according to Tillis’ release, will provide one-time checks of $2,400 to married couples with a gross income of up to $150,000 and $1,200 for single individuals with a gross income up to $75,000. Although parents can claim an extra $500 per child under the age of 17, according to the Tax Foundation, this means that adult dependents, such as college students, do not qualify for the $500 nor the $1,200.
Many college students and people under the age of 24 are listed as dependents on their parents’ taxes and therefore do not qualify for emergency checks. However, the act outlines that federal student loans payments have been deferred until after Sept 30, and interest on loans is waived until then as well.
Democrat senators recently introduced a bill to amend the CARES Act called the All Dependents Count Act to make dependents over the age of 16 eligible for direct payments. This act, according to WHSV, would expand eligibility for the $500 credit so that any taxpayer would receive $500 for all dependents.