Congress passed legislation today to help as many people as possible who’ve seen a hit to their wallet because of the coronavirus. The bill is more than 800 pages, but here’s what the media is reporting is in it.
It gives $1,200 per adult and $500 per child to all taxpayers that earn under $75,000 each year.
- If you make over $75,000, you’ll get a smaller check based on your income
- Getting the money is based on your tax return from 2019 or 2018
- The government said the IRS will send the money within three weeks
- The money will be deposited directly into your bank account so long as you’ve already authorized the IRS to send your tax refund that way over the past two years
- If you didn’t authorize the IRS to deposit it directly, you’ll get a check in the mail
People who are unable to work as a result of coronavirus can now get unemployment, even if they weren’t let go from their job.
- That includes people not getting paid because they’re sick, quarantined, or have to stay home to take care of someone
- People will get an extra $600 a week on top of their state unemployment benefits for up to four months
Find more information on your state’s unemployment benefits here.
Small businesses can get loans that can be at least partially forgiven if they continue to employ and pay their workers during this time.
- Business owners must apply with a lender approved by the Small Business Administration
- The forgiven amount would be equal to eight weeks' worth of payroll obligations (wages and benefits), plus utilities and rent or mortgage bills.
Find lenders approved by the Small Business Administration here.