Stimulus Bill Highlights
Congress just passed another relief act, aimed at helping both businesses and individuals.
Here are some of the highlights:
- Many individuals and families can receive a direct money payment. Anyone who earned more than $99,000.00 in 2019, however, is not eligible. Those who made less can qualify for up to $600.00 as an individual, $1,200.00 for married couples, and families with children can receive $600.00 per child. If you filed your 2019 tax return, you don’t have to take any action to claim the money. The government will send it to you automatically.
- The unemployed can receive a $300.00 weekly payment for eleven weeks, running from the end of December through March 14, 2021. This benefit runs as a supplement to any benefits received from the state.
- Gig workers, freelancers, and independent contractors can also qualify for benefits through the end of March 2021 once they exhaust their state benefits.
- People who earn at least $5,000.00 annually in self-employment income and are eligible for state unemployment benefits can receive a $100.00 weekly supplement from the federal government (but do not qualify for one of the other parts of the federal relief).
- The PPP (Paycheck Protection Program) will resume, and businesses can apply for a second loan. The program will let businesses with fewer than 300 employees that have lost at least 25% of their revenue in any of the first three quarters of this year. The maximum amount a company can borrow is $2,000,000.00, down from the $10,000,000.00 limit set as part of the prior stimulus act.
- A $15 billion grant program has been set up for live venues, theaters, and museum operators that have lost 25% of their revenues.
- The bill extended the eviction protections imposed by the CDC until January 31, 2021. Originally, the protection was set to expire on December 31, 2020.
- There will be a $25 billion rental assistance program for individuals who lost their jobs or income due to the pandemic.
- Employers who have been deferring employee payroll taxes have been granted through December 31, 2021 to increase their employees’ withholdings to pay the back taxes.
These are highlights. The bill has many more provisions, exemptions and exceptions. Because everyone’s situation is different, contact us to schedule an appointment if you have questions or want more information.
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