Coronavirus, COVID-19 has crippled the American economy. The short-term effects might be overwhelming, but InCharge Debt Solutions stands ready to help you get through it.
We have prepared a list of resources and contact information that will make it easier to find the help you need.
Government Programs for Coronavirus Relief
President Trump signed into law a record-breaking $2 trillion economic stimulus package on March 27 in response to the COVID-19 pandemic. The bill includes relief checks to Americans, expanded unemployment benefits, and access to loans for businesses.
COVID-19 Relief Checks
The highlight of the COVID-19 stimulus package is a $1,200 check to every American worker earning less than $75,000 with families receiving an additional $500 per child. Reduced stimulus checks will go to Americans making between $75,000-$99,000. You should receive a check or direct deposit in April if you qualify. Eligibility is determined by your 2019 or 2018 tax returns.
Expanded Unemployment Benefits
The bill expands unemployment insurance from 26 weeks to 39 weeks (in most states) and extends benefits to gig workers and freelancers. The bill increases unemployment benefits by $600/week for four months for Americans who are sick, quarantined or caring for children because of COVID-19.
Paid Sick Leave for COVID-19
Congress passed the Families First Coronavirus Response Act March 18 with the intention of granting two weeks of paid sick leave to workers whose families are affected by the coronavirus. The relief comes in the form of a tax credit to offset the cost for companies with less than 500 employees. Eligible workers will receive 100% of their regular pay up to $511 per day. They could qualify for emergency assistance of up to $200 a week to care for a quarantined family member or a child whose school or daycare facility has closed. There is a lot of red tape surrounding this program, so be sure to check with your employer to see if you are indeed eligible.
Student Loan Interest Suspended
Student loan borrowers have the option to suspend payments for two months without penalty. For more details, student loan borrowers should contact their loan servicers and enroll in the forbearance program.