Congress has approved a further round of payments under the new Federal Stimulus Package. As of this date, there is no indication that Mr. Trump will sign it, but the current provisions are certainly the minimum benefits that will emerge. So, the final package will cover the following:
1. Direct Stimulus Checks
2. Housing Relief, Eviction and Foreclosure Protections
3. Unemployment Benefits.
4. Paycheck Protection Program (PPP) Loans for Small Business:
The key provisions of the congressional package include:
1. Direct Stimulus Checks: One-time direct payments of up to $600 to individuals ($1,200 to couples) and $600.00 for per child based on the 2019 tax filing status.
– Single Tax Filers: Full payment of $600 if the tax filer made less than $75,000 during 2019. The payment decreases if the tax filer made more than $75,000.
– Head of Household: Full payment if mad e less than $112,500 in 2019 with payment decreasing depending upon additional income.
– Couples Filing Jointly: Full payment if made less than $150,000 in 2019 with payment decreasing depending upon additional income.
– Qualifying Children: In addition to the payments directly to taxpayers, families will also receive $600 per qualifying child.
– Other Qualifying Couples: Married couples in which at least one individual has a social security number, including mixed- status couples, will be eligible for direct payment.
– Method of payment: For 2019 tax filers or who applied for the previous stimulus payment through the “IRS non-filer portal,” payment will be made automatically. In addition, for those not filing tax returns, automatic payments may be made if persons are eligible under (a) Social Security Old-Age and Disability Insurance; (b) Supplemental Security Income benefits; (c) Railroad Retirement Board beneficiaries; and (d) Veterans Administration benefits.
Those beneficiaries who were not income tax filers and not otherwise qualifying for automatic payments may apply for direct payments when filing 2020 tax returns.
– Monitoring Stimulus Payments. Since schedules and regulations may be changed, it is a good idea to monitor the status of stimulus payments. This may be done online by visiting: www.irs.gov/coronavirus/economic-impact-payments
The U.S. Treasury Department Secretary indicates it may start sending out automatic payments by December 28. Therefore, monitor bank accounts to ensure receipt of payment.
Eligible payment recipients should also monitor IRS’ and Treasury Department’s websites for announcements on the timing of payments and any modification of the regulations.
2. Housing Relief, Eviction and Foreclosure Protections: Emergency rental assistance will give renters money to cover past and current rent, utilities, and other housing expenses. These funds will be prioritized for low-income households and those who are unemployed.
These payments will be disbursed by state and local governments. Eligible recipients should monitor social media feed as well as state and county government websites for more information on how to apply for these funds.
Furthermore, the eviction moratorium is extended to January 31, 2021.
3. Unemployment Benefits: All unemployment benefits will be automatically supplemented by $300 per week through March 14, 2021. Go to https://www.uc.pa.gov/to file a claim.
As unemployment claims are administered by the state government, eligible recipients should their Pennsylvania state representative or state senator for assistance with applications for unemployment benefits.
4. Paycheck Protection Program (PPP) Loans for Small Business: PPP loans are available for qualified businesses through March 31, 2021. The loan forgiveness process for PPP loans under $150,000 has been streamlined. Arts and live venue organizations may now be eligible for PPP loans. To apply for a PPP loan, go to www.sba.gov.
(Information for this article was condensed from a release from U.S. Representative Mary Gay Scanlon by Ted Behr)
