Direct Payments – You are going to receive a one time payment of $1,200 for individuals, $2,400 for couples, plus $500 for every child, if you made $75,000 or less ($150,000 for married couple.) If you make between $75,000 and $99,000 ($150,000-$198,000 for married couples) there will be incrementally smaller checks.
– For those that have filed a return with the IRS in 2018 or 2019, the IRS will use the most recent tax return to determine eligibility.
– Treasury Department expects to begin distributing checks as soon as mid-April, those with direct deposit set up with the IRS will receive them faster.
Unemployment Insurance – The CARES Act added $600 per week on top of the state base amount for 4 months, and an added 13 weeks of unemployment insurance. Temporary Pandemic Unemployment Assistance program for those self-employed, freelancers and contractors that lost work because of this pandemic.
More information and to apply for Unemployment Insurance- https://labor.ny.gov/ui/cares-act.shtm
Small Businesses – Paycheck protection, Loan forgiveness program, and up to $10 million in loans depending on size. Loan forgiveness to cover rent, mortgage, utilities and payroll.
More information and how to apply for small business assistance- https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
– The U.S. Chamber of Commerce has built a great informational PDF that you can download here: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
– Apply Online at https://www.sba.gov/funding-programs/disaster-assistance
Or call the SBA’s Disaster Customer Service Center at 800-659-2955 or email [email protected].
Department of Agriculture assistance – https://www.farmers.gov/coronavirus
Federal student loans suspended through Sep 30, 2020
COVID testing and services are FREE.
Additional Details – https://gop-waysandmeans.house.gov/the-senate-cares-bill-health/
Read the CARES Act here – https://www.congress.gov/bill/116th-congress/senate-bill/3548/text