Exciting news from the government: the CARES Act
As we're all dealing with the changes COVID-19 has brought to our lives, I want to share some exciting news with you: The federal government has approved the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is going to help millions of people in this critical time.
This legislation is unprecedented and provides widespread economic assistance to address the impact felt from COVID-19. Although the CARES Act is over 800 pages long, here are some of its economic provisions that are most relevant for you:
For you and your family:
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 will get an additional $500 per child. In other words, a family of four earning less than $150,000 can expect a check for $3,400.
For you or someone you know who has lost their job:
States will still continue to pay unemployment to those who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker was receiving from the state. That boosted payment will last through July.
For small business owners:
The bill also 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.
For freelancers or independent contractors:
Usually, self-employed people, freelancers and contractors can't apply for unemployment. However, this bill creates a new, temporary Pandemic Unemployment Assistance Program that will provide $600 per week through the end of the year to help people who lose work as a result of this public health emergency.
If you would like to learn more about the full contents of the CARES Act, this article has a lot of great, helpful information.
If there are things you need from us or additional ways we can support you, please let us know. We will continue to monitor the situation closely and will provide further updates as necessary.
Please stay safe.
The QuestBlue Team