The New Coronavirus Aid, Relief and Economic Security Act
How the Coronavirus Stimulus Bill Can Help You?
The
government just approved the $2 trillion Coronavirus Aid, Relief and Economic
Security (CARES) Act which is designed to help people in this critical
time. The CARES Act is over 800 pages long, here are some of the most important provisions.
What does it mean for you if
you're eligible for a cash payment?
Most individuals earning less
than $75,000 can expect a one-time cash payment of $1,200. Married couples
would each receive a check and families would get $500 per child. That means a
family of four earning less than $150,000 can expect $3,400.
What does it mean for you if
you or someone you know has lost a job?
States will still continue to pay
unemployment to people who qualify. This bill adds $600 per week from the
federal government on top of whatever base amount a worker receives from the
state. That boosted payment will last for four months.
What does it mean for you if
you're a small business owner?
The bill provides $10 billion for
grants of up to $10,000 to provide emergency funds for small businesses to
cover immediate operating costs. There is $350 billion allocated for the Small
Business Administration to provide loans of up to $10 million per business. Any
portion of that loan used to maintain payroll, keep workers on the books, or
pay for rent, mortgage and existing debt could be forgiven, provided workers
stay employed through the end of June.
What does it mean for you if
you're a freelancer or independent contractor?
Typically, self-employed people,
freelancers and contractors can't apply for unemployment. This bill creates a
new, temporary Pandemic Unemployment Assistance program representing $600 per
week through the end of the year helping people who lose work as a direct result
of the public health emergency.
What does it mean for you if
you're a property/homeowner?
Borrowers of federally-backed
mortgage loans can request a loan forbearance on their payments (without
penalties, fees, or interest) for at least 180 days. Multi-family borrowers may
request a similar forbearance for up to 30 days. In addition, foreclosures on
similar mortgage loans are prohibited for at least 60 days and evictions from
properties related to several federal programs are also prohibited for a 120-day
period.
Stay safe and do not hesitate to
reach out should you have any questions. I am always here for you.