What the CARES Act Means for You (Coronavirus Aid, Relief and Economic Security Act)

What the CARES Act means for you (Coronavirus Aid, Relief and Economic Security Act)

As we’re all dealing with the effects of COVID-19, we want to share encouraging news: the federal government has approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.

This sweeping legislation is unprecedented in the history of our nation and will send money directly to Americans, greatly expand unemployment coverage and make a number of other changes to address the impact of COVID-19. The CARES Act is over 800 pages long, but according to this article from The New York Times on The CARES Act, here are some of the economic provisions most relevant for you.

What does the CARES Act mean for you and your loved ones?

You may be eligible for a one-time cash payment.

Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200.

Married couples who qualify would each receive a check, and families that qualify would get $500 per child.

That means a family of four earning less than $150,000 can expect $3,400.
*Information from CNBC.com

If you or someone you know has lost a job

States will still continue to pay unemployment to people who qualify.

This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state.

That boosted payment will last for four months.
*Information from edd.ca.gov

If you or someone you know has lost a job States will still continue to pay unemployment to people who qualify.

If you’re a small business owner

The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses who qualify for the Economic Injury Disaster Loan to cover immediate operating costs.
*Information from SBA.gov

Click here for a downloadable checklist and guide from the U.S. Chamber of Commerce!

Small Business? The bill provides $10 billion for grants

If you’re a freelancer OR independent contractor

Unemployment coverage may be available to freelancers and independent contractors and also provides an additional $600 per week for 4 months in addition to regular state benefits.

Typically, self-employed people, freelancers and contractors can’t apply for unemployment.
*Information from NYT.com

Unemployment coverage may be available to freelancers and independent contractors

If you’re a property/homeowner

You can request a loan forbearance on their payments (without penalties, fees, or interest) for at least 180 days. Investors and multi-family borrowers may request a similar forbearance.

*Information from NYT.com
**Please contact your lienholder to see if you qualify!