Things You Need to Know About the COVID-19 Economic Stabilization Package
Those who have been affected financially by the coronavirus pandemic may be seeing some economic relief in the coming weeks, thanks to a $2 trillion Economic Stabilization Package that the U.S. Senate passed on March 25, 2020. This package will assist American families and businesses, by providing a one-time payment to many individuals, as well as loan options for small businesses.
What Does the Coronavirus Stimulus Package Mean for Me?
The purpose of this relief package is to provide federal aid for those who have lost income, become jobless, or suffered losses as a business owner due to the international pandemic. The COVID-19 stimulus bill will also provide benefits for college students and graduates with federal student loans.
Individuals & Families
For Americans who have lost income or become jobless due to the coronavirus pandemic, this stimulus package will provide a direct payment of up to $1,200 for each adult who has filed a 2018 or 2019 federal tax return. This payment is available for citizens who earn $75,000 or less annually, with an additional $500 provided per child age 16 or younger.
Married couples with no children who file jointly and have a combined Adjusted Gross Income (AGI) of $150,000 or less can receive up to $2,400. Those filing as head of household earning $112,500 or less will receive the full stimulus amount. Freelancers are also included in this package and will receive up to the full stimulus amount based on their AGI from their 2018 or 2019 tax return.
Students & Graduates
Though college students who can be claimed as dependents by their legal guardians will not receive a stimulus payment, there are other ways that this relief package will benefit current and former students.
If you have federally-owned student loans, the COVID-19 stimulus package will suspend both payments and accrued interest until September 30, 2020. Borrowers who have defaulted can also look forward to suspended debt collection for six months without wage garnishment or reductions in tax refund payouts.
Small Business Owners
Included in the Coronavirus Response Act are certain incentives for small businesses to remain open while continuing to pay their employees to prevent further layoffs. Businesses with 500 employees or fewer who offer paid family or sick/medical leave during the COVID-19 pandemic will be offered tax credits for doing so. Employers can also apply for short-term, interest-free loans of up to $10 million through the Florida Small Business Emergency Bridge Loans Program.
Those who have become unemployed as a result of the pandemic will receive weekly payments of $600, in addition to federal unemployment benefits, for up to four months to compensate for the total amount of wages lost.
How Landis Graham French Can Help You
Our attorneys specialize in providing expert legal services to individuals and business owners in Volusia County for Corporate and Business Entities, Employment Law, and more. If you would like to know more about how the attorneys at Landis Graham French can help and advise you through legal matters associated with the COVID-19 Stimulus Package, please contact us today at 386-734-3451.