Congress has agreed to a $2 trillion plud COVID-19 stimulus relief package, which has just been signed by President Trump. Here's what you need to know.
Technically, the checks are a 2020 tax credit. So what if your year-to-year income changes? Suppose you earned too much in 2018 and 2019 to be eligible, but your income dropped with the economy in 2020? In that case, when you file your 2020 taxes in 2021, you’ll be eligible for the payments. It appears that individuals who qualify for the stimulus based on their 2019 returns , yet would not qualify based on their 2020 income, do not need to pay any of the stimulus amount back.
The package expands unemployment insurance to those who don’t typically qualify: Gig economy workers who are classified as independent contractors and self-employed individuals. that President Trump signed into law on March 18. That bill covers workers in businesses with fewer than 500 employees. Those covered by the act can get up to 12 weeks of family leave if they must stay home with children whose schools and day care centers have closed because of the pandemic.
Additionally, individuals who are staying home to care for someone else who has COVID-19 or is suspected of having it, or who have a child whose school or day care is closed because of coronavirus, are eligible for two-thirds of pay capped at $200 per day, or an aggregate $2,000 per worker.Borrowers with federally backed mortgage loans—loans under Fannie Mae and Freddie Mac—who are experiencing financial hardship due to COVID-19 can request forbearance on their payments for up to six months.
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