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Is money I receive from the CARES Act taxable?

According to the Internal Revenue Service (IRS) website…

“Emergency financial aid grants under the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations on account of the COVID-19 pandemic, such as unexpected expenses for food, housing, course materials, technology, health care, or childcare, are qualified disaster relief payments under section 139 of the Internal Revenue Code. This grant is not includible in your gross income.”

We suggest you monitor information provided by the IRS and/or consult with a tax professional if you have questions.

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