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There are many questions surrounding the new CARES ACT passed
by Congress to aid the American people. Hopefully this provides some
answers to some of your questions in a few different fields.
Unemployment Benefits: The bill makes marked changes to unemployment benefits and broadens the scope of who is eligible. States will keep to paying unemployment to those who qualify. That amount will vary by state, as does the amount of time people can claim it. This bill adds $600 per week from the federal government in addition to the base amount a worker receives from their state. The elevated payment will last for four months.
The legislation also gives you 13 weeks of unemployment insurance. People approaching the end of the number of weeks allowed by their state would get an extension.
Stimulus Checks: If you made less that 75,000 last year you will receive the full amount of $1,200. Couples who filed with joint status and made less than $150,000 will receive $2,400. Those who filed Head of Household and also earned less than $112,500 get $1,200. For each child aged 16 and under you will receive an additional $500. For every $100 an individual makes over $75,000 their stimulus payment is reduced by $5. An individual making $99,000 or more and a couple making $198,000 or more will be ineligible for the payments.
According to Treasury Secretary Steven Mnuchin the payments will be sent out within 3 weeks to those for which the IRS has information. No need to take any action if you have been working and paying taxes since 2018 or if you have been receiving Social Security benefits. If you have agreed to receive direct deposit in the last two years on your tax returns or via Social Security benefits then your money will be directly deposited into your bank account. If not, the IRS will mail your paper check to your last known address. They will have 15 days to notify you of your method and amount and will provide you means to contact them if you didn't receive your check.
Emergency Grants: This legislation has set aside $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover their immediate operating costs.
Forgivable loans: There is $350 billion included for SBA Loans of up to $10 million per business. Any portion of that loan used to maintain payroll, pay for rent, mortgage and existing debt could be forgiven, as long as the workers stay employed through the end of June.
Unemployment Benefits: The bill makes marked changes to unemployment benefits and broadens the scope of who is eligible. States will keep to paying unemployment to those who qualify. That amount will vary by state, as does the amount of time people can claim it. This bill adds $600 per week from the federal government in addition to the base amount a worker receives from their state. The elevated payment will last for four months.
The legislation also gives you 13 weeks of unemployment insurance. People approaching the end of the number of weeks allowed by their state would get an extension.
Stimulus Checks: If you made less that 75,000 last year you will receive the full amount of $1,200. Couples who filed with joint status and made less than $150,000 will receive $2,400. Those who filed Head of Household and also earned less than $112,500 get $1,200. For each child aged 16 and under you will receive an additional $500. For every $100 an individual makes over $75,000 their stimulus payment is reduced by $5. An individual making $99,000 or more and a couple making $198,000 or more will be ineligible for the payments.
According to Treasury Secretary Steven Mnuchin the payments will be sent out within 3 weeks to those for which the IRS has information. No need to take any action if you have been working and paying taxes since 2018 or if you have been receiving Social Security benefits. If you have agreed to receive direct deposit in the last two years on your tax returns or via Social Security benefits then your money will be directly deposited into your bank account. If not, the IRS will mail your paper check to your last known address. They will have 15 days to notify you of your method and amount and will provide you means to contact them if you didn't receive your check.
Emergency Grants: This legislation has set aside $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover their immediate operating costs.
Forgivable loans: There is $350 billion included for SBA Loans of up to $10 million per business. Any portion of that loan used to maintain payroll, pay for rent, mortgage and existing debt could be forgiven, as long as the workers stay employed through the end of June.
THE CARES ACT: Unemployment Benefits,
Stimulus Checks and More