On March 27th, Congress approved a $2 trillion stimulus package to help Americans amid the COVID-19 pandemic. Here’s what it could mean for you.
Stimulus Check: Eligible Americans will get $1,200, either through your bank account or by check. Eligibility is based on:
- Your most recent tax-filing.
- If you made $75,000 or less as a single tax filer (that’s $150,000 or less for married filing jointly, and $112,500 or less for head of household), you’ll get $1,200.
- You’ll receive $5 less for every extra $100 you make.
- Families will get $500 extra for each child under 17.
- If you made more than $99,000 ($198,000 for married filing jointly, and $136,500 for head of household), you won’t be eligible for the $1,200 check, but you may still be eligible for some or all of the $500 check per child.
- Non-citizens without green cards, and people who are dependents on someone else’s tax return aren’t eligible.
- The targeted timing is to send out the checks within 3 weeks.
Expanded Unemployment benefits
- If you’re unemployed, partly unemployed, or unable to work for reasons related to the coronavirus, you may be eligible for expanded unemployment benefits — even if you’re self-employed, a freelancer or contract worker — and even if you own your own business.
- All jobless workers receive an extra in unemployment benefits through July 31.
- Additional 13 weeks of unemployment benefits are available for workers who have run out their unemployment already.
Protection for Renters and Homeowners
- For renters, New York has a mandatory, nationwide 4-month halt on evictions. No fees can be charged for late payment of rent during this time.
- For homeowners, no foreclosure will be allowed during the 60-day period following March 18th.
- If a borrower requests forbearance due to the financial impact of COVID-19, all federally-backed mortgage providers are required to give forbearance of 180 days without any extra fees beyond their normal interest accruing.
- Payment of federal student loans will be automatically suspended through September 30, 2020, with interest waived during that time.