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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Look to new financial assistance from the government to help you through the COVID-19 crisis, including expansion of unemployment insurance benefits and economic stimulus payments. How the CARES Act Can Help You By Britt Erica Tunick In the wake of the COVID 19 pandemic, the social distancing it has necessitated, and the impact that it has had on businesses across the country, U.S. unemployment numbers are soaring. Fortunately, if you are among the countless people to have lost your job, been laid off, or furloughed due to the coronavirus, the odds are good that you will be eligible for some sort of federal assistance, either from expanded unemployment insurance, or new stimulus payments. As of mid-April, there were already 22 million unemployment claims filed across the U.S., with the country’s real unemployment rate nearing 18% higher than any month since the Great Depression. Economists expect the number will keep rising, with some predicting higher than a 20% unemployment rate before the coronavirus pandemic has played out. Faced with these realities, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted in late March. This $2.2 trillion aid package temporarily overhauls unemployment insurance by expanding the pool of eligible recipients to include anyone out of work or underemployed because of the coronavirus and that includes independent contractors, or “gig” workers who wouldn’t typically qualify, or individuals who quit their job due to concerns for their own safety and welfare. Under the CARES Act, anyone receiving unemployment benefits during the coronavirus pandemic will be eligible for coverage for up to 13 additional weeks and will receive an extra $600 each week on top of what they would have previously qualified for. Eligibility under the CARES Act runs from April 5, 2020 through July 31, 2020. Individuals eligible for unemployment insurance under the CARES Act include the following:
Although the CARES Act significantly expands the pool of eligible unemployment insurance recipients, limitations remain. Following are people who remain ineligible for unemployment insurance:
If you are underemployed, yet still don’t qualify for unemployment insurance, the CARES Act also includes one-time stimulus checks of up to $1,200 for single people earning less than $75,000 per year, and $2,400 for married couples who collectively earn less than $150,000. Parents of dependent children under age 17 are also eligible for an additional $500 per child. These checks, or electronic payments in many cases, were already sent out on April 10th. If you are unsure about your eligibility, or believe you are eligible and have yet to receive your payment, the Internal Revenue Service has launched the following “Get My Payment” site, where you can confirm you eligibility and track the status of your payment: https://www.irs.gov/coronavirus/get-my-payment?mod=article_inline |
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