What the Coronavirus Stimulus Plan Could Mean for You
On Friday, March 27, 2020, President Trump signed $2 trillion spending bill to help with the economic impact of the coronavirus.
What does that mean for you?
The government wants to give you money
Under the proposal people making up to $75,000 a year are expected to receive checks for $1,200. If you are a head of the household, you can make up to $112,500. Couples making up to $150,000 would receive $2,400, with an additional $500 for each child under 17.
The payments would be less for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples. The determinations will be based on your last tax return filed.
Even if you have no income, you may still be eligible for a check. This also includes people that rely on non-taxable government benefit programs like Supplemental Security Income benefits, or SSI, from Social Security.
You MUST have a social security number to get this benefit.
Payment are proposed to be made to individuals sometime May, 2020.
You can calculate what you can expect to receive HERE
The federal government will give unemployed workers an extra $600 a week for 4 months. This is addition to what they receive from their regular unemployment payment from the state.
States will extend the unemployment by an additional 13 weeks from what the current benefit is.
The bill will also allow workers who are not typically eligible for unemployment assistance such as self employed workers and contractors.
Student Loan Payments
The Department of Education will let you suspend payments under this bill without penalty. Initially the US Department proposed 60 days but under this bill it could be thru 9/30/20. Stay tuned for for more information on this.
Expanded Paid Leave and Sick Leave (Families First Coronavirus Response Act)
Full-time employees can get up to 80 hours of paid leave, which would be covered by the Government. It also has tax breaks to help small businesses provide these expanded benefits. There is expected to be requirements that you must meet to qualify for this benefit.
How will I get my money?
You don’t need to do anything to receive your money. The government will send it to you automatically. You can expect your payment via direct deposit or a physical check. It will depend on what information you provided on your most recent tax return
BEWARE of Scams!
See the information HERE