COVID-19 Related Relief Programs
Additional Types of Relief
Direct payment to taxpayers.
Tax credits in the form of checks or direct deposit in the amount of:
$1,200 per adult and $500 per child to individuals earning less than $75,000 annually.
$1,200 per adult and $500 per child to joint filers earning less than $150,000 annually.
Lesser amounts will be provided to those individual filers earning more than $75,000 and less than $99,000 and those joint filers earning more than $150,000 and less than $198,000
No action is needed for qualified individuals to receive this benefit. If you have a bank account on file with the IRS used for direct deposit of tax refunds or Social Security benefits, you will likely receive your payment electronically within a month. If you do not have an account with the IRS, you will most likely receive a paper check.
Expanded Unemployment Assistance
Eligibility expanded to include self-employed, independent contractors/gig economy workers, nonprofit employees, and others
Amount increased by $600 weekly
Duration extended an additional 13 weeks beyond the existing 26-week maximum Contact your state unemployment office directly.
Contact information can be found on the U.S. Department of Labor Website
Student loan assistance
All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2020. Contact the U.S. Department of Education or your student loan servicer to discuss eligibility and options.
Small Business Tax Relief
There are multiple provisions to provide tax relief to businesses. SBA Guidance & Loan Resources.
Enhancements to the SBA Program
Expanded SBA benefits to enable more companies to qualify for larger loan amounts at more favorable terms:
Paycheck Protection Program enabling loans of up to $10 million for small businesses affected by economic conditions as a result of COVID-19.
SBA Express program maximum temporarily increased to $1 million (from $350,000) through December 31, 2020. SBA Guidance & Loan Resources.