![]() The Federal Reserve lending program will also receive $454 billion in support - loans from this fund will be for no longer than 5 years and will be aimed at aiding nonprofits and businesses with around 500-10,000 employees with the goal of retaining at least 90% of their workforce with full compensation and benefits. This Act provides $349 billion for the Small Business Administration to distribute through a new loan program titled the Paycheck Protection Program (PPP), making non-profits, self-employed individuals and contractors eligible to receive assistance. The Small Business Administration’s loan program is now accessible to more businesses and has an increased cap on loans. Financial Assistance Provided for Eligible Non-Profits and Self-Employed Individuals Unemployment payments will be increased by $600 weekly for four months through July 31, and the bill also includes those who were previously not eligible for unemployment, including part-time employees, freelancers, independent contractors, gig workers, and the self-employed. The provision is applicable on loan payments an employer makes from the day the bill was signed into law (March 27, 2020) through Jan. This means the loan payments would be excluded from the employee’s income. Under the CARES Act, employers can still make student loan payments on behalf of their employees on a tax-free basis, up to $5,250 annually. If you are overpaid you don’t have to pay it back.įor those that aren’t required to file a tax return, TurboTax launched a Stimulus Registration Product to help you submit all the necessary information to the IRS so that you can quickly and easily get your money.įor additional information, be sure to check out the stimulus package FAQs here. If you are underpaid based on your 2020 income you may receive more credit. The stimulus check will be paid this year based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount. ![]() The stimulus check rebate completely phases out at $99,000 for single taxpayers, $136,500 for those filing as Head of Household and $198,000 for joint filers with no kids. Your AGI can be found on line 8b of your 2019 Form 1040.Īs your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount you get will go down. * Note, adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you should be eligible for the full amount of the recovery rebate. ![]() Stimulus checks - up to $1,200 for individuals, $2,400 for joint taxpayers and an additional $500 for each qualifying child under 17 - will be based on information from your most recent tax filings, either 2019 or 2018 if you have not yet filed this season.Īccording to the IRS, approximately 80% of Americans will be eligible to receive full or partial stimulus payments through the CARES Act. Stimulus Checks for Individuals and Joint Taxpayers The 2020 coronavirus stimulus package will deliver relief through a range of measures, including an advanced tax rebate to taxpayers. ![]() The Coronavirus Aid, Relief and Economic Security Act (CARES) - a $2 trillion stimulus package to provide financial relief to individuals, families and businesses - was signed into law. For info on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check ” blog post. This content is for the first coronavirus relief package, which was signed into law in March 2020. ![]()
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