April 06, 2020 12:18 PM
The CARES Act - What does it mean?
Last week, Congress passed a $2 trillion stimulus bill providing economic relief to individuals, small businesses, nonprofits, and the unemployed. Here's a breakdown of some of what the bill does and how to access those sections.
- Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount of $1,200.
- Married couples with no children earning $150,000 or less will receive a total of $2,400.
- Taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
- The Treasury Department hopes to have all checks distributed by April 17th, but there is no guarantee.
- Individuals do not have to apply for this payment.
- Student loans held by the U.S. Department of Education are automatically suspended without penalty until September 30, 2020.
- Interest on student loan debt will not accrue while loan payments are suspended.
- If you have any specific questions, you should contact your lender.
Small Businesses & Nonprofits:
Visit the New York Times frequently asked questions article for more information about how to get the help you need through this bill.