On Friday, President Donald Trump signed a law authorizing Coronavirus stimulus package $2.2 trillion in spending to protect the U.S. from the economic fallout stemming from the coronavirus, or COVID-19.
The bill — the largest dollar figure of any ever passed — was the third pice of aid and stimulus legislation passed since the crisis began. The actions in Washington bring the total federal coronavirus emergency response tab to more than $2.4 trillion, and buried within it are a range of lifelines for American individuals and businesses.
Yahoo Finance is tracking these federal emergency stimulus measures and how individuals and businesses can apply for assistance. Additional emergency funding is also being offered by states and localities. This list will be updated as we learn more about available funds.
Coronavirus stimulus package ASSISTANCE FOR INDIVIDUALS
DIRECT PAYMENTS: One-time payments of $1,200 per adult + $500 per minor child
WHO’S ELIGIBLE: All U.S. residents with a work-eligible Social Security number and an individual adjusted gross income (AGI) of $75,000 per year or less. The income limit for those filing as a head of household is $112,500 and married couples is $150,000. The benefit amount gets reduced by $5 for each $100 of additional income exceeding the various category ceilings. Benefits are entirely phased out for individual filers with AGI above $99,000, head of household filers who claim one child with AGI above $145,500, and joint married filers with AGI above $198,000. The government will calculate AGI based on 2018 or 2019 tax filings, depending on which is most recent. For those who collect Social Security payments yet do not file because they fall beneath the filing income threshold, the IRS will use Social Security Benefit Statement Form SSA-1099 to determine eligibility.
TIMELINE: On March 25, Treasury Secretary Steven Mnuchin said, “We expect the IRS will do direct deposit in the next three weeks.” For taxpayers who need a paper check, the process could take much longer, as checks will be sent via regular mail.
UNEMPLOYMENT INSURANCE: In addition to regular unemployment benefits (UI) administered by each state, Pandemic Unemployment Assistance (PUA) will expand the types of workers who are eligible to apply, extend the duration of time a recipient may receive unemployment benefits, and beef up the typical maximum dollar amounts for unemployment payments. The duration of unemployment benefits is extended by 13 weeks, on top of the number of weeks previously provided according to each state’s rules, which often permit around 26 weeks. For four months, unemployment benefits are also enhanced by $600 per week.
The changes mean freelancers, gig economy, and self-employed workers who are normally not eligible for unemployment insurance benefits will become eligible. Some lower-income workers will also be able to maintain their full salaries under the program if forced out of work as a result of the pandemic. States are required to ensure that applicants can apply for benefits in one of three ways: in person, by phone, or online. Learn more.
WHO’S ELIGIBLE: employees, freelancers, gig economy workers, self-employed
TIMELINE: The enhanced duration applies to claims for unemployment beginning on or after January 27, 2020 and ending on or before December 31, 2020
PAID SICK LEAVE: The “phase 2” bill passed in mid-March provides full-time employees of small- and mid-size businesses (those with fewer than 500 employees, and conditional exceptions for companies with fewer than 50 employees) with 80 hours of paid sick leave, and part-time workers paid-sick leave for a number of hours equal to the number of hours the employee works on average over a 2-week period. Payments are equal to 100% of an employee’s usual compensation, capped at $511 per day. Learn more.