Unsure if you qualify for the CARE Stimulus Act?
President Trump signed the new stimulus plan at the end of March which is meant to offset the economic impact that Americans are currently dealing with due to the coronavirus pandemic. The 2.2 trillion dollar Stimulus law can allocate up to $1200.00 per individual, plus increasing unemployment benefits and in some cases, offering small businesses money to pay their employees during this crisis in the US. This is the largest emergency economic stimulus package ever enacted in our nation’s history! Are you currently unsure if you would be eligible to qualify? Here are the certain guidelines that need to be met:
- Since over 3.3 million people filed unemployment insurance claims in the end of March, and the numbers are growing on a daily basis, this law will enable those who lost their jobs due to the virus to qualify for benefits for up to 39 weeks.
- Individuals earning up to $75,000 annually will be eligible to receive a one time check of $1200 and $500 for each child. These benefits will be allocated based on your 2019 (or if not filed yet) your 2018 tax returns.
- People earning more than 75K but less than 99K will also qualify for a monetary benefit that will be less than the $1200 amount, allocated according to salary. Those earning more than $99K do not qualify for benefits.
- Small businesses may also qualify for the $360 million dollar amount that has been set aside to help relieve their payroll and other business expenses. Should a company accept one of these federal loans and continue to retain most of their employees, part of what they borrow can be eligible to be controverted to a grant that they will not have to pay back.
- Additionally, if you have student loan debt and they are federally owned student loans, you do not have to make payments until after Sept. 30, 2020, interest will not accrue for that 6 month period.
While we’re going through this difficult time, we can rest assured of one thing, our federal government is working with us to get to a better place and this economic relief program is a huge benefit for our communities. BMPG is always here for whatever questions and/or problems that may pop up for you. We are family here and we want you to feel the same whenever you work with us.