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. 

 

For Individuals:

  • 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.

 

For Students:

  •  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:

  • The CARES Act has provided increased funding for small business loans through the Small Business Administration.
  • Eligible businesses and nonprofits can apply for an Economic Injury Disaster Loan, and/or the Paycheck Protection Program. Outside of the CARES Act, Florida business owners can apply for Florida Small Business Emergency Bridge Loan.
  • Businesses apply for the Economic Injury Disaster Loan online here.
  • Businesses apply for the Paycheck Protection Program directly through an SBA-approved bank.
  • The Small Business Development Center (SBDC) at FIU encourages businesses to contact their primary business bank as a first step. If their primary business bank is not an SBA-approved lender, business owners can find an approved lender here.
  • The SBDC at FIU can provide free assistance with loan applications and guide business owners to SBA-approved lenders. 

 

Helpful Resources:

Visit the New York Times frequently asked questions article for more information about how to get the help you need through this bill.

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