Stimulus for American Workers

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.

Student Loans

  • Payment of federal student loans will be automatically suspended through September 30, 2020, with interest waived during that time.

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The information contained in this post is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.