After months of delays, the President recently signed a new Coronavirus relief bill, which will bring much needed relief to many Americans. Without it, unemployment benefits would expire, evictions would start to happen to people unable to make rent payments, and the government would have shut down. This $900 billion bill can stimulate the economy and help the many Americans who are being impacted by Covid-19.
What Stimulus Can I Expect?
The biggest headline of the new stimulus package includes a $600 check for each individual adult who earns under $75,000 a year or for couples that makes under $150,000 a year combined. On top of that, families with eligible children will receive an additional $600 per child. Another change is that payments won't be denied to spouses who married someone without a social security number. With that in mind, make sure you spend your stimulus check wisely by creating a healthy budget.
What about unemployment benefits?
Earlier in the year, those who were unemployed were receiving an extra $600 a week in benefits. The unemployment benefits were set to expire, but with the signing of the new bill, you can expect an extra $300 a week. As of now, this relief will last until March 14th. While less generous than before, this can still help keep you afloat through these trying times.
What else do we need to know about the new coronavirus relief bill?
PPP Loans are also coming back in the latest bill. The stimulus package sets aside $285 billion to help provide funds to keep small businesses afloat. This new version is stricter and limits larger businesses from getting access to loans through the program. If you're a small business owner, make sure you check out the program and don't forget to apply.
Another benefit in the latest coronavirus relief bill is relief for education, both K-12 and universities. The bill provides up to $82 billion in relief for them. There is also a provision for $70 billion of health measures, including money for vaccines and track and trace programs.
The House of Representatives also just passed a bill that would up the $600 on-time payment to everyone to $2,000. If it passes, you can expect to get a bigger one time stimulus payment from the government. However, don't celebrate yet because the bill still has to pass through the senate before being finalized. Need more tips on how to handle your stimulus check? Make sure you make a budget for this new windfall and use it to get your finances straight.
The coronavirus relief bill covers a lot of different topics, but one of the most important things is that it will provide relief to those Americans who are struggling most. Make sure you stay informed on what programs you will be eligible so you can use these benefits to stay afloat.
