The CARES Act is intended to encourage people to remain engaged in the economy during the coronavirus pandemic. This means a direct cash payment for many families and expanded unemployment benefits.
Here are 9 tips every South Dakota family needs to know about the CARES Act.
Cash Payments
Tip #1 - Most individuals earning less than $75,000.00 can expect a one-time payment of $1,200.00. Married couples would each receive a check and families will receive $500.00 per child.
Tip #2 - Cash payments are based on either your 2018 or 2019 tax filings.
Tip #3 - Individuals who receive Social Security benefits but don’t file tax returns are also eligible and their checks will be based on the information provided by the Social Security Administration.
Tip #4 - Individuals earning more than $75,000.00 and couples filing jointly earning more than $150,000.00 would not be entitled to the full benefits of the Cash Payments.
Tip #5 - Individuals earning more than $99,000.00 and couples filing jointly earning more than $198,000.00 would not be eligible for Cash Payments.
Extra Unemployment Payments
The funds that have been allocated for unemployment benefits is subject to change depending on the number of people filing for unemployment. Congress is estimating a $260 billion contribution. The CARES Act makes sweeping changes to unemployment assistance, increasing benefits and broadening the scope of those eligible for unemployment benefits.
Tip #6 - States are to continue paying unemployment to people who qualify and that amount varies state by state. Also, the amount of time people are allowed to claim unemployment will vary state by state as well.
Tip #7 - The CARES Act adds $600.00 per week from the federal government on top of whatever amount an unemployed person would receive from their state. This boosted payment is set to last for four months.
Tip #8 - The CARES Act also adds thirteen (13) weeks of unemployment insurance and people nearing the maximum number of weeks allowed by their state are to receive an extension. New filers will be allowed to collect the benefits for a longer period.
Rent Relief
Tip #9 - The CARES Act provides individuals with 120 days of eviction relief for tenants in federally-backed housing. In other words, you may not be served with an eviction notice until July 25, 2020. During the 120 day eviction postponement, your landlord will not be allowed to charge late fees or direct penalties for any late rent. It is important to note that this eviction protection does not relieve you from your obligation to pay rent - it only protects you from being thrown out of residence.
Spread The Word
We built this resource because so many people have reached out to us with questions about how the coronavirus pandemic and the COVID-19 government bailout would affect their families and businesses. It's important we all do our part to reduce the impact the virus will ultimately have on our health and our economy. If you have found any of this information helpful we encourage you to share it with your friends and family.
