The much discussed and anticipated Stimulus Package 2020 was passed Friday, March 27, 2020 bringing relief too many throughout the nation, and right here in Freestone County.
Named the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this legislation reaches out to many who have been adversely affected by COVID-19.
U.S. Representative Bill Flores stated in a release that, “This recover package provides $2.2 trillion in resources to families, front line health care providers, small businesses, and state and local governments that have been adversely impacted by the SARS-COV-2 virus and its related COVID-19 illness.”
This act covers many different people and businesses. The following provisions is a portion of what all is offered:
–A onetime payment of $1,200 to individuals making less than $75,000 and $2,400 to couples making less than $150,000, with reduced amounts for higher incomes. It also provides families with an additional $500 per child sixteen years old and younger.
–Adapted unemployment insurance to cover more people, including, gig workers, contractors, and self-employed and some non-profit entity employees.
–Unemployment is now extended to thirty-nine weeks.
–Money for a small business loan program to help employers to pay salaries, lease/loan payments, and other critical expenses, with provisions to forgive these loans for businesses who keep their employees on their payrolls.
–States, cities, and localities can receive financial aid to help fight the COV-SARS-2 virus at the local level.
–Doctors, nurses, and hospitals also have money set aside to help them during this time.
–Fannie Mae and Freddie Mac mortgages can request a forbearance of up to six months due to a COVID-19 related hardship.
Stimulus Checks
There is only the one payment through the CARE act.
Those who receive Social Security benefits for retirement, disability or Supplemental Security Income will be eligible for the stimulus checks.
Those claimed as a dependent on someone else’s taxes are not eligible.
For those who had a higher salary in 2018 and/or 2019 but had an income in 2020 that meets the guidelines for the stimulus check, it will be possible to take the tax credit when you file your income taxes.
Most payments should be received within three weeks, according to Treasury Secretary Steven Mnuchin.
If you are the parent of a baby born in 2020, you do not receive the $500 for that child now, but will receive the $500 as a tax credit on their 2020 income taxes if they qualify.
Unemployment
If you are furloughed, or given a leave of absence from work, you qualify for unemployment.
Those who are diagnosed with COVID-19, are waiting on a diagnosis, could not start a new job due to COVID-19, and those whose head of household passed away due to COVID-19 are all eligible for unemployment.
Furthermore, if you rely on school, day care, etc… to take care of a child while you work you are eligible for unemployment.
If you are required to self-quarantine, or are unable to work because of quarantine, you are eligible.
Letters should be received within six weeks of the act being signed explaining how you should have received your stimulus checks, if you have not received yours or your letter shows that it went to the wrong location, you will need to contact the IRS.