5 Ways Current And Future COVID-19 Stimulus Assistance Can Help You

The Coronavirus Aid, Relief and Economic Security (CARES) Act offers several ways to help you fill any financial gaps caused due to the coronavirus outbreak. We’ll discuss some of the highlights of the current package, and hint at what may be coming soon to help you even more.

1. $600 Weekly Unemployment Assistance

Although the CARES Act’s $1,200 stimulus checks may be its most commonly discussed or known benefit, unemployment assistance is worth mentioning first. Why? Because, if you qualify, you can get $600 per week for 13 weeks in unemployment benefits in addition to whatever your state offers.

Qualifying for such financial assistance can help greatly if you lost your job due to COVID-19, saw reduced income, or were furloughed. Unlike regular unemployment assistance, the CARES Act’s version offers help for independent contractors as well.

To get $600 weekly unemployment benefits from the CARES Act, apply through your state.

2. $1,200 Stimulus Checks

If you filed taxes in 2018 or 2019, there’s no need to apply to qualify for $1,200 stimulus checks from the CARES Act. The IRS will use your latest tax return to determine eligibility and disburse funds.

Here’s a basic overview of how these COVID-19 stimulus payments work in terms of eligibility:

• Adults can get $1,200 if they make up to $75,000.
• Couples who file jointly can get $2,400 if they make up to $150,000.
• Each child who qualifies adds an extra $500 in benefits to the household.
• Adults who make up to $99,000 can still qualify for a smaller amount, as can couples who make up to $198,000.

If you haven’t received your stimulus funds yet, go here to check their status.

3. Mortgage Assistance and Eviction Protection

Do you have a federally- backed mortgage? If so, you can enjoy these benefits from the CARES Act:

• 60-day forbearance on mortgage payments.
• The ability to extend that forbearance by four more 30-day periods.
• Lenders cannot charge you any penalties or fees during this time.

To receive these benefits that can give you some time to get your finances in order, communicate with your lender and tell them how your situation has changed as a result of the coronavirus.

Also, if the owners in your building have federally-backed mortgages, you can enjoy these benefits from the CARES Act:

• No eviction for not paying rent for 120 days.
• Zero penalties or fees during this time.

4. Federal Student Loan Forbearance

Do you have student loans where the U.S. Department of Education is the lender? If so, you won’t have to make payments on them and there will be 0% interest until the end of September.

5. Possible Future Stimulus Benefits

Here are some possibilities as to what future stimulus packages may offer, with Congress possibly making decisions on them in June:

• Another round of $1,200 stimulus checks.
• $600 weekly unemployment benefits extended until January 2021.
• Hazard pay or bonuses for essential workers during COVID-19.