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:

  1. 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
  2. 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.
  3. 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!

1 Comment

  1. Joe on April 2, 2020 at 12:45 PM

    Will the calculation for eligibility for this stimulus bill come from 2018 earnings, or 2019 earnings? If it is based on 2018 earnings, and your 2019 earnings are significantly less, is there any provision for that?

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