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How to take advantage of the CARES Act

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On March 27, 2020 the Cornonvirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The CARES Act is filled with different types of economic stimulus programs that are designed to bring immediate relief to Americans during the COVID-19 Pandemic.

The CARES Act is 880 pages, so during the month of April, my YouTube Channel featured short videos on some of the most popular items in the CARES Act along with my take on how they can benefit you directly. Below you will find a short summary of what we discussed as well as links to each week’s video.

1. Direct Payments

Immediate relief for over 80 million Americans came in the form of direct payments that began in mid- April. Individuals qualify for up to $1,200 and those who file Married Filing Jointly qualify for up to $2,400. The video walks through how you’ll receive your payment, who qualifies, and how to make sure the IRS has your up to date information.
2. Student Loans
Federal Student Loan borrowers will benefit from these two provisions in the CARES Act:

  • No interest on Federal Student Loans from 3/13/20- 9/30/2020

  • The suspension of payments until 9/30/2020

In the video, I also discuss what you should do if you are currently enrolled in Public Student Loan Forgiveness (PSLF) and how employers can now pay down your student loan debt up to $5,250 in 2020.

3. Unemployment

The CARES Act expanded unemployment benefits to groups of people that have never been eligible for benefits. These include self-employed, contractors, and gig workers.
The video discusses some of the most important expanded benefits which include the extension of the normal benefit period by 13 weeks and an increase in benefits received by up to $600/week.
4. Small Business Loans
The CARES Act included $350 billion dollars in funding for Small Business Loans. The funding quickly ran out in mid-April and by late April an additional $310 billion in funding was approved. My video on Small Business Loans reviews the differences between the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
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