COVID-19 has changed the landscape of the economy , public health , state and local governments , individuals , and businesses . As each week progresses into the next , the nation longs for answers regarding the future . As of right now , the government is still taking strides to keep the economy afloat and prevent a long term recession by implementing various programs .
To lighten the load of the pandemic ’ s financial shock , government assistance and tax relief opportunities were put in place to help alleviate the burden felt by individuals and business owners . Let ’ s take a look at some of the prominent programs and available benefits .
Coronavirus Aid , Relief , and Economic Security ( CARES ) Act
As public health concerns started to rise and many businesses started to face permanent closure , our economy needed an action plan . In an effort to curb the financial impact of the pandemic , the $ 2 trillion dollar stimulus bill known as the Coronavirus Aid , Relief , and Economic Security ( CARES ) Act was officially signed in late March 2020 . This included expansion of unemployment benefits , stimulus checks to households , the Paycheck Protection Program , and many more efforts designed to help to stabilize the economy .
Unemployment Benefits
With unemployment in the U . S . hitting record-breaking numbers , a sizable expansion of the benefits was on the horizon . The government worked diligently on
a solution for the rapid increase of unemployed workers . On March 27 , 2020 , the ability for a state to expand unemployment insurance was officially signed into law under the CARES Act . This benefitted many workers impacted by the COVID-19 pandemic , including those who are not ordinarily eligible for unemployment benefits .
The bill includes a temporary increase in weekly benefit levels and an increase in the number of unwaged benefits that individuals could receive . As far as eligibility , benefits are based on a percentage of the individual ’ s earnings over a 52-week period or up to a State maximum amount . According to the U . S . Department of Labor , in most States , benefits can be paid for a maximum of 26 weeks .
Household Stimulus Checks
Not only have many businesses taken a significant hit in their bottom lines , families are also struggling to pay bills and purchase necessities as a result of COVID-19 . To help with the economic downturn , the IRS distributed stimulus checks in March and
April to qualifying recipients as directed by the CARES Act . Households consisting of single taxpayers earning less than $ 75,000 and married taxpayers earning no more than $ 150,000 combined would receive payments . Payments included $ 1,200 per individual , $ 2,400 per married couple , and $ 500 for qualifying children under the age of 17 .
As the first wave of stimulus payments were dispersed , the U . S . officially entered into a recession , which prompted talks about another round of funding . As of May 2020 , another proposed $ 3 trillion dollar bill known as “ Health and Economic Recovery Omnibus Emergency Solutions ,” or HEROES , Act was passed through the House of Representatives . In response , the Senate proposed its own bill , the “ Health , Economic Assistance , Liability Protection and Schools ” ( HEALS ) Act in late July . Both measures include the disbursement of additional stimulus checks .
Paycheck Protection Program
To allow cash flow assistance to small businesses , the CARES Act established the Paycheck Protection Program ( PPP ) implemented by the Small Business Administration ( SBA ) with support from the Department of the Treasury .
At the time it was signed in March of 2020 , the PPP offered federally guaranteed loans to employers to maintain their payroll , paid sick leave , supply chain disruptions , employee salaries , with the possibility for loan
6