With many Americans practicing social-distancing and mandatory shutdowns of non-essential businesses happening all over the country, a large chunk of the workforce is no longer working. In response, A $2 Trillion economic relief plan was recently passed in order to stimulate the economy and help Americans in need. This plan includes changes to student loans, direct payments to Americans, and the expansion of unemployment coverage. Here is a breakdown of how this assistance will work and what Americans can expect in the coming weeks.
Every American Adult can expect a one-time payment of up to $1,200. For every child under the age of 16, an additional $500 will be granted to their parents. However, any single adult with an adjusted gross income of over $75,000 will not receive the full amount. The same goes for married couples with no children with a gross income of more than $150,000.
Single adults with an adjusted gross income between $75,000 and $99,000 will receive a check on a sliding scale. Payment will not be issued over the $99,000 threshold. The same applies for married adults with no children earning between $150,000 and $198,000.
Student Loan Adjustments
The government previously suspended two months of payments and interest for many with student loans. This was expanded for any student loans borrowed from the federal government until September 30th. If you have taken a direct federal loan from the government anytime within the last 10 years you should hopefully automatically qualify. In the coming weeks, check your account online to verify.
Expansion of Unemployment Coverage
Those previously who were not able to qualify for unemployment (self-employed and part-time workers) will now be eligible. Essentially, if you are unemployed as a direct result of coronavirus related reasons, you should qualify for unemployment.
How much you will receive all depends on the state you live in and the guidelines they currently have in place. However, in order to increase aid to those unemployed during the pandemic, the federal government is supplying an additional $600 per week on top of the state-mandated unemployment.