Here are some ways to do so that come via the coronavirus stimulus package and other moves.
The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act was created to help everyday citizens stay afloat. While it can’t replace a full-time job you lost, it can give you some much-needed aid to continue feeding your family and meet other expenses until we pass from the “new normal” to full regularity.
Although $1,200 stimulus checks may have taken the spotlight, there are other benefits you can receive from the CARES Act worth mentioning. Here are a few:
As mentioned, the $1,200 stimulus checks are the highlight of the CARES Act. Adults making up to $75,000 will get $1,200, while couples will get $2,400 if they file jointly and earn up to $150,000. Children will yield an additional $500 each for the home.
Adults can make up to $99,000 and still qualify for a check smaller than $1,200. The same holds for couples making up to $198,000.
2018 or 2019 filed tax returns will automatically be used to calculate payments, and there is no need to apply. To check your stimulus payment status, go here.
Full-time, part-time, and even gig workers who lost their jobs, income, or clients due to COVID-19 may qualify for unemployment assistance.
If eligible, you could receive $600 in unemployment benefits per week for up to 13 weeks. This is in addition to the benefits you receive from the state.
To apply for this benefit, you will have to go through your state’s unemployment program.
If your loan is held by the federal government and has the United States Department of Education listed as the lender, you can enjoy temporary student loan relief through the CARES Act.
This relief offers forbearance and zero-percent interest until the end of September.
Mortgages and Evictions
If you live in a building where the owners have federally-backed mortgages, you cannot be evicted if you fail to pay rent for 120 days.
Any penalties or fees for nonpayment during this time are also prohibited.
Also, if you have a federally-backed mortgage and lost income due to the coronavirus, you may qualify for a forbearance of 60 days on your mortgage payments. If that is not enough, you can extend the forbearance for a maximum of four additional 30-day periods. Your lender cannot charge any fees or penalties during this time, either.
To qualify for this forbearance on your mortgage, contact your lender directly and tell them how COVID-19 has negatively impacted your finances and ability to pay.
Is More Aid on the Way?
As for additional assistance that may come shortly, Congress could pass a second stimulus package in June. What could that second round of stimulus contain?
Some believe another $1,200 check is on the way for those who qualify, plus additional money for children in the household. A new stimulus may also extend the $600 weekly unemployment benefit until January of next year. Bonuses or hazard pay for essential workers is another possibility.