We hope all of you are hanging in there as COVID-19 continues to spread and families/businesses hunker down for the month of April. Congress approved the Coronavirus Stimulus Package last week to help shore up the economy. Here are the details:
- Couples earning under $150,000 will get $2,400 cash payment ($1,200 if you’re single and earn less than $75,000). You’ll get an additional $500 for each child you have. Example: Family of four that has income of $145,000 would get $2,400 plus $1000 = $3,400. The benefits phase out for couples earning between $150,000-$200,000 ($75,000-100,000 for individuals). The NY Times has a great overview of the payments (and unemployment benefits). See here for more details: https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html
- If you are unemployed/under-employed, the stimulus bill will add $600 per week to your unemployment benefits for the next 4 months. If you have lost income from COVID-19, click here for instructions on how to file for unemployment in GA. The max (normal) amount you can get in GA is $330 per week. The stimulus bill adds another $600 per week, so that unemployed persons can get up to $930 per week for the next four months.
- Business expenses/liquidity: If you own a business and are trying to determine how to pay for all your bills, you can access special loan programs (some of which are “forgivable” loans). Below is a recap of these loan programs. Let us know if you need an introduction to a banker.
We are here to help. Let us know if you need anything!