As you know, Congress recently passed a phase 3 Coronavirus relief package called the CARES Act. After many days of negotiation and debate, the final legislation was signed into law by President Trump on Friday, March 27th.
The CARES Act is a huge bill. And I’ve received many messages asking how it will impact families, businesses and seniors. So to help navigate how it will affect you, I compiled a list of key points and a few resources:
- Financial Support for Families: Perhaps the most reported component of the CARES Act are the checks that will be mailed to taxpayers in the coming weeks. Those making $75K or under will receive a $1,200 check, while couples earning up to $150,000 will receive $2,400, plus an additional $500 for each child.
- Seniors: Individuals who receive Social Security benefits are eligible for stimulus checks, based on their tax returns.
- Social Security Checks: The Social Security Administration has reiterated that benefits for seniors should not be interrupted. Direct-deposit payments will continue as scheduled and mailed checks should also arrive as normal.
- Unemployment benefits: The Act allows states to expand their current unemployment benefits, with an additional federal reimbursement for the additional amount.
- Tax Deadline: The April 15th tax filing deadline has been moved to July 15th.
- Retirement Accounts: Penalties are waived for early withdrawal from qualified retirement accounts for coronavirus-related purposes of up to $100,000.
Wyoming small businesses are struggling now more than ever. The CARES Act provides additional relief for them in the following ways:
- The Paycheck Protection Program provides small businesses with 100% federally guaranteed loans to employers who maintain their payroll during this emergency. To learn more, visit sba.gov.
- The Small Business Debt Protection Program will provide relief to small businesses with non-disaster SBA loans, with SBA covering all loan payments including principal, interest, and fees, for six months. Read more from the SBA here.
You can read more about the CARES Act here.
The U.S. Department of Treasury also provides important information for employees and business owners.
My friend, these are no doubt difficult times. What we need to do right now is pray for our country, look out for our neighbors, and follow President Trump’s recommended social distancing measures to ensure we can defeat this virus.
We have faced tough times before. Just as Wyoming always does, we will get through this together (just a bit farther apart).