3 Ways Your Stimulus Money Can Be Seized

Over the past two months, the coronavirus disease 2019 (COVID-19) has reshaped American societal habits. With the number of U.S. confirmed cases topping 1 million earlier this week, most states have been left with little choice but to mandate stay-at-home orders and require the closure of nonessential businesses. In the process, we've witnessed more than 26 million people lose their jobs.

In response to this never-before-seen financial upheaval, Congress passed and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law five weeks ago, on March 27. At $2.2 trillion, it's the largest economic relief package in history, with money set aside for distressed businesses, small-business loans, hospitals, and an expansion of the unemployment benefits program.

But the aspect of the CARES Act that's garnering the most attention is the roughly $300 billion that's being directed to working Americans and Social Security beneficiaries.