Pandemics and What They Mean To Us Financially

Almost 40 million people have had to file for unemployment since the spreading of the coronavirus. And most of them have not even seen a dime of that money yet. Because so many people needed money and needed help now, Congress came up with the $2 trillion Conronavirus Aid, Relief, and Economic Security, otherwise known as Cares Act. The Cares Act included the $1200 stimulus payments for individuals and $2400 for couples, and $500 for each independent child. Millions have gotten their direct deposit on April 15th, and every other week after that. They are now sending out checks which now are going to be on prepaid cards. To speak with a live representative about your stimulus check, you can call the IRS Economic Impact Payment line at 800-919-9835.


If you did not already get your money (and you made less than $99,000 for the last tax year or the 2018 tax year), then you are able to go to www.irs.com/coronavirus and go to the "Get My Payment" tool, put in your information, and check to see if your money was supposed to be deposited or sent by check. The deadline to file a simple tax return to get your deposit has passed but you can still check. If you get Social Security, you should automatically get your money on your card or through your bank. College-age children do not get payments.


Included in the CARES Act was the $600 extra a week on top of what you will get in unemployment in benefits. If you had to quit work to take care of someone in your household, if you were an independent contractor, were furlough, or laid off due to COVID-19, you are able to apply for unemployment benefits. A lot of problems presented itself though when millions of Americans applied for unemployment benefits. Either they were not eligible because they did not make enough during the base period and had to reapply, or their application has been pending since March/April.


Congress has also come up with a program called the Paycheck Protection Program. It gives out a $600 billion loan for small businesses. Student loans have been deferred or put into forbearance and many places have decided to stop rent and utilities temporarily. Unfortunately, so many people have not gotten the help they need and the virus has not slowed down.




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