Wondering how the new stimulus package might affect you? You’re not the only one! We’ve been digging deep into all things stimulus to figure out what it means for our friends, colleagues and mission driven partners.
Here’s a broad overview of what the CARES act means for you:
- Checks directly to taxpayers: The package provides a one-time payment of $1,200 per person for every worker with income up to $75,000, and decreasing in amounts from there. Families will receive an additional $500 per child. You can calculate your anticipated stimulus check here. You do not need to apply for these funds, the IRS will use your previous tax returns to figure out how to deposit the money or send it to you via the mail. Over the coming weeks, the US Treasury Department plans to develop a web-based portal for individuals to provide their banking information to the IRS online, to expedite delivery. Checks are said to start arriving in the next three weeks. More information on the delivery is expected over the next few weeks as they roll out this program, but in the meantime you can visit the IRS for some common questions.
- Expanded unemployment benefits: This federal bill extends the unemployment benefits to replace the salary of unemployed workers to 39 weeks. Unemployed workers would get the usual state unemployment plus $600 per week. Part time workers, people who experienced reduced hours, self employed people, gig workers, furloughed employees and freelancers are now also eligible for some unemployment benefits as well. Here in Ohio you can apply for unemployment at this link, and follow more after the jump for a handy guide to help you fill out that application.
- Small Business help: The package implements a $350 billion program for small businesses to make payroll while workers are forced to stay home through federally guaranteed loans. The loans will be available during this emergency period ending June 30.
- Help for Hospitals: The stimulus package provides $130 billion to hospitals expecting an increase of sick patients.
- Corporations and Government: The stimulus package provides $500 billion in loans and loan guarantees to corporations, states and cities to try to ease the economic impact of COVID.
Over the next few days we’ll be putting out more information on items #2 and 3 as we work to help other small businesses, non profits and benefit corps weather this COVID storm.