CARES Act – Federal Coronavirus Relief Bill
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (PL 116‐136) is the third legislative act devoted to helping the country weather the economic downturn brought on by the COVID19 pandemic. The bill, which represented $2.2T in new spending, touches a variety of aspects of everyday life from small business support to community services to transportation. Here’s what the CARES act means to you:
Support for individuals
- You may be eligible for up to $1,200 in economic impact payments
- Unemployment payments to those not traditionally eligible for unemployment benefits (self‐ employed, independent contractors, persons with limited work history, ) and for persons who are unable to work because of coronavirus (sick, taking care of a sick family member). Workers can receive up to 39 weeks of benefits.
Support for Renters and Homeowners
- Moratorium on evictions from properties backed by federal programs
- Foreclosure moratorium and right to forbearance for homeowners experiencing hardship
Support for Small Businesses and Non-Profits
- Special emergency loans for businesses experiencing issues due to COVID-19
- The Paycheck Protection Program can help you make ends meet and maintain employees