WHAT DOES THIS MEAN FOR YOU AND YOUR LOVED ONES?
If you qualify for cash payments:
Most individuals earning less than $75,000 may receive a one-time cash payment of $1,200. Married couples will receive a check, and families will receive $500 per child. This means a family of four earning less than $150,000 may receive $3,400.
If you or someone you know has lost their job:
States will continue to provide unemployment benefits to those eligible. This legislation supports an additional $600 per week from the federal government for each employee, regardless of state benefits received. This increased support will be maintained for four months.
If you are a small business owner:
The legislation provides $10 billion to establish emergency funds for qualifying small businesses under the Economic Injury Disaster Loan program to cover immediate operating costs.
$350 billion will be allocated to the Small Business Administration to provide loans up to $10 million per business. Portions of these loans used to maintain payroll, avoid layoffs, or pay rent, mortgage interest, or existing debt may be forgiven, provided employees are kept on payroll through the end of June.
If you are a freelancer or independent contractor:
Typically, self-employed individuals, freelancers, and independent contractors cannot apply for unemployment benefits. This legislation creates a Pandemic Unemployment Assistance program, temporarily extending unemployment insurance through the end of the year for freelancers and independent contractors, and also provides an additional $600 per week for up to 4 months, in addition to regular state benefits.
If you are a homeowner/property owner:
Federal-backed mortgage holders may request forbearance on their payments (without penalties, fees, or interest) for at least 180 days.
Multigenerational family borrowers may request a similar forbearance for up to 30 days.
Additionally, foreclosure on federally-backed mortgages is suspended for at least 60 days, and eviction from properties covered by certain federal programs is also suspended for 120 days.
