The Stimulus Plan EXPLAINED
The government is as tight-lipped about what they’re up these days as my ex was about our relationship! But don’t worry — I’m on the case — starting with the Stimulus Plan. This is the LARGEST Stimulus Package ever passed ($2T) and was created to help Americans survive the coronavirus pandemic.
Here’s A Tailored** Rundown of What’s Inside:
**This is not everything the CARES Act covers but rather the topics that felt most relevant to us - are we an us?
If you’re eligible, you'll receive a $1200 check directly from the government, either via your bank account if they have that info or a check.
MORE UNEMPLOYMENT BENEFITS:
If you’re unemployed, partly unemployed, or unable to work for reasons related to the coronavirus, you may be eligible for expanded unemployment benefits — even if you’re a freelancer, gig worker, performing artist, or had a contract canceled because of the pandemic — and even if you own your own business! Usually, unemployment benefits don’t apply to those groups, so this is a big change to address the current crisis.
PROTECTION FOR RENTERS AND HOMEOWNERS:
There’s now a mandatory, nationwide four-month halt on evictions if your landlord has a mortgage backed by a federal organization like Fannie Mae or Freddie Mac.
HELP WITH STUDENT LOANS:
Payment of most federal student loans will be automatically suspended through September 30, 2020, with interest waived during that time.
PINK TAX BREAK:
Yes, really! All menstrual products can now be treated as medical products and can be reimbursed under a pre-tax employer health spending arrangement like an HSA or FSA.
RETIREMENT ACCOUNT REGULATIONS:
Minimum distributions are waived and you can withdraw money early from your account if need be.
SMALL BUSINESS LOANS:
The Small Business Administration will distribute $350 Billion in loans to companies with 500 or fewer employees.
Hope this helps!! Stay healthy and watch this video, duh, for a more detailed rundown!