On March 25th the biggest stimulus package to date was announced. The CARES act is aimed to tackle the effects of the pandemic level issue coronavirus (CODVID-19). The act will help fund hospitals, the unemployed, and businesses that are being affected by this virus.
Employed and Unemployed Benefits
The unemployment benefits are key as more and more people lose their jobs. Currently less than the beginning of this year according to the Bureau of Labor Statistics, unemployment is on a steady rise with currently 3.3 million. Those on unemployment will receive an extra $600 on top of the local benefits of their states for the next four months.
Those currently stuck inside waiting for the office to open up again will receive $1200 if you earn $75,000 or less. Married couples get $2,400 and those with children get additional $500. Whether this money will be given outright or we will make up for it in taxes later is yet to be seen (update: most garnish taxes have been temporarily suspended). Those earning more will get a check as well, though the specifics have yet to be verified on how much. Those earning roughly $99,000 or more will not be receiving any money. Green card and H-1B and H-2A visa holders can also receive this check if they meet the other qualifications.
Those with accounts hooked up with direct deposit will get their stimulus checks sent to their checking/savings accounts. There is no action required on citizens parts so long as tax information with the IRS is up to date. Those without direct deposit will be getting their checks in the mail and will take longer to get. Those who have been claimed as dependent on 2019 taxes will not be receiving checks.
Health Organizations
Hospitals and other health organizations will also see a flood of money heading their way. When Trump cut $15.4 billion in funding back in 2018 with his rescission of funds, taking money away from the organizations we so desperately need now. Out of this $2 trillion these organizations will get $117 billion, making ten times more than they lost.
Businesses
There is also $500 billion being put aside to help bailout any large industry or business that will be having issues during this time. None of the money will go towards any of the Trump family or businesses given the status of Trump. Businesses receiving funding during this time can not participate in stock buybacks for at least a year and a half.
Small and local businesses that plan to keep their workers can also apply for a loan from their bank till June 30th. The money set aside will be roughly $357 billion that would go to help the ma’ and pa’ stores of the US.
The stimulus will also help out education, private and self employed individuals, and even create a temporary position in the government for overseeing loans (though no official title has been given).
Other Benefits
Along with everything else other things such as school loans and back taxes have been postponed. Those who are paying child support may have money or checks withheld if they have not kept up on payments. The bill also puts a nationwide eviction moratorium in place for any renters whose landlords have mortgages backed/owned by federal entities such as Fannie Mae or Freddie Mac.
