$2 Trillion Stimulus Package
What’s in it for you?
An historic bill has been passed by the Senate to provide much needed assistance to individuals, families, and businesses. The COVID-19 crisis has burdened the lives of many as a result of business closures, layoffs, and the scarcity of supplies and resources. Hospitals and clinics have been overwhelmed with COVID-19 testing and hospitalization of those infected by COVID-19. Circumstance such as these and many more has necessitated the need for government assistance.
The bill covers an array of benefits and aid geared towards businesses, hospitals, and families. Click here to read more in-depth about the provisions in the bill. Regarding individuals and families, the provisions include direct payments, expanded unemployment benefits, protection from eviction/foreclosure, suspended student loan payments, and ability to return to work if your employers is in need of a loan or grant as a result of this pandemic.
What’s in it for you?
Payments to individuals
The bill would allow for single Americans to receive $1,200, married couples would get $2,400 and parents would receive $500 for each child under age 17. Payments phase out for individuals with adjusted gross incomes (AGI) of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples. Payments are based on your most recent return filed for either 2018 or 2019. If you have not yet filed, click here we can take care of your return remotely. Click here for a detailed FAQ regarding the individual payments and unemployment benefits.
Note: The filing deadline has been extended to July 15.
Unemployment benefits have been wildly increased not only in the amount and length of time, but also who is eligible. As a result of the bill gig workers and self-employed individuals now are eligible for these benefits.The amount of benefits has increase to an additional $600 per week in addition to the state weekly benefit payout. Also, the benefits may not be received for an additional 13 weeks beyond the state limit.
Foreclosure and eviction
Individuals facing foreclosure or eviction may have expanded protections during this crisis. Extended time for forbearance and delayed action to start eviction process. As of now, foreclosures would not be allowed until 60 days from March 18.
Student loan payments
The Department of Education would suspend payments on student loan borrowers without penalty through September 30, according to the bill. As of now, this protection does not extend to private loans or Perkins loans.
Small Business Loans, Grants, and Credits
Small business with under 500 employees that are paying sick leave or family leave can take a credit by not paying the payroll taxes and using those funds to pay the sick and family leave benefits. The credit is limited to the amount of the actual benefits. Click here to read more.
Small Business Administration (SBA) has loans and grants available. To find out if you qualify or to get stared with a loan or grant request click here. In some cases, loans that are provided to meet payroll and re-hire employees will be forgiven after a certain period of time. In essence these loans become grants.
While the bill has passed the Senate it must pass still pass the House before begin signed into law. This is expected to be voted on Friday, March 27, 2020. As more resources and information becomes available, the links referenced above are useful resources. If you have not filed your return and would like to work with us, please click here to get stared.