COVID-19, more commonly known as coronavirus, has left many people concerned not only about their health but also their financial well-being. Thankfully, a stimulus bill that aims to help people stay afloat during this unprecedented time was recently passed into law. The Noblesville lawyers of Webster & Garino have analyzed the released information to share with their community.
Here is what the COVID-19 bill means for you:
- If you are a taxpayer making less than $75,000 a year, then you will receive a $1,200.00 check directly from the government.
- Your income eligibility will be based on your 2019 Tax Returns if filed or your 2018 Tax Returns if your 2019 have not been filed yet.
- Money should be received within three weeks if you have used direct deposit to accept returns in the past two years. For those who do not have direct deposit information on file with the IRS, checks may take slightly longer.
- If you are a taxpayer making between $75,000 a year and $99,000, then you will receive a check directly from the government that will be less than $1,2000.00.
- The exact sliding scale has yet to be released, but those making close to $75,000 will receive closer to $1,2000.00, and those making $99,000 will receive closer to $0.
- Money should be received as above: within three weeks for those who have direct deposit with the IRS, and slightly longer for those who do not.
- If you are a taxpayer making over $99,000 a year, then you will not receive a stimulus check. However, the other relief mechanisms below may still apply to you.
- If you are a student loan borrower, any payments and interests will be automatically suspended until September 30.
- You do not have to apply for the suspension; it will automatically be put in place.
- If you are fortunate enough to be still working during this time, it may be a good opportunity to pay down your principal while interest is not accruing.
- If you have lost your job, you may be eligible for unemployment benefits that are being expanded by the stimulus bill.
- Typical unemployment ranges from $250 to $550 a week. However, the stimulus bill plans to allow an extra $600 a week for up to four months.
- State unemployment checks last between 12-28 weeks, but the stimulus bill adds up to 13 more weeks of extended benefits.
What Does the Coronavirus Stimulus Package Mean for my Business?
If you are one of the 30.2 million people that own a small business, the coronavirus pandemic has no doubt affected you and your business. Small businesses make up 99.9% of all registered companies in the United States and, as such, are an extremely vital part of our economy. Congress recognizes this and has included specific provisions to help small business owners suffering from the Coronavirus pandemic.
If you are the owner of a business that employs less than 500 people, then the following relief may help you:
- The bill includes $370 billion in funding for small businesses.
- Small businesses are eligible for up to $10 million in loans to be used for payroll and other expenses like rent and utilities.
- Loans are designed to cover two months’ worth of expenses.
- If your small business receives a loan, it may be forgiven in whole if you retain your employees.
- If your small business has already laid off employees in response to the virus, your loan may be forgiven if you rehire those employees.
- Loans will come directly from banks, but if forgiven the government will pay the bank back for the loan.
The legal team of Webster & Garino is well equipped to assist with business law in Indiana. We are here to help you through this trying time. If you have any additional questions regarding your business, call our office at (317) 565-1818 today.
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