In response to the Coronavirus Pandemic the $2 trillion relief plan was enacted by Washington. Find out what it means, what government benefits, free services and financial strategies you may expect.
Table of Contents:
What economic impact payments can Americans expect?
The $2 trillion relief bill will help Americans to get financial help, cover unemployment losses, cut down on loans repayment and more. Among the measures taken by the Government to assist the US residents in overcoming economic impact problems are:
- Tax Relief
- Stimulus Checks
- Unemployment Insurance
- Loan Relief
- Paid Sick Leave and more Coronavirus Plans
Tax Relief
The tax relief has been offered by the CARES Act as well as by the earlier Families First Coronavirus Response Act (FFCRA). These documents put off some federal tax payment deadlines and some federal tax return filing deadlines.
Stimulus Checks
Unemployment Insurance
The new relief package includes some important changes of the insurance system available till July 31:
- self-employed people and part-time workers are now also eligible for the state insurance programs;
- people who cannot work for a variety of coronavirus-related reasons can also get unemployment insurance;
- the amount of benefits is increased by $600 weekly
- the benefits are available within a period of 13 weeks.
Loan Relief
- If you have a federal student loan, you are allowed to stop making payments from March 13 until Sept. 30 with no additional interest charged.
- You get an opportunity to put off your mortgage payment if Coronavirus left you broke down.
- Some private lenders are offering relief programs.
Among the best direct lenders reviewed on our website are:
Paid Sick Leave
The US workers can get a paid sick leave if they need to take time off because of the Coronavirus outbreak o the following conditions:
- If you are ill and have been employed for at least 30 days you are eligible for the full pay, up to $511 a day.
- Some people can qualify for a 12-week paid leave to care for children and get 2/3 of their usual salary, up to $200 a day.
- Part-time workers will be paid the amount they typically earn in a two-week period, up to the daily limits.
- Self-employed and gig workers can also apply for a paid leave, but they must calculate their average daily income and claim it as a tax credit.
In case you haven't received your Stimulus Check yet, or for some reason, you're not eligible for one, you can apply for emergency Payday Loans online. You'll get up to $1,000 the same day for any personal needs even if you have bad credit, no permanent employment or stable income.
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