Coronavirus Stimulus Measures That Could Help You
While it is too early to tell exactly how this will be done, it’s looking more and more like Americans will be getting stimulus checks in the mail at some point soon. The idea is to pump massive amounts of cash into the economy as quickly as possible. But there are many details that will have to be worked out. For example, how much will everyone get? When will the check
arrive? he Trump administration is floating a plan that would include two rounds of $1,000 stimulus checks to adults, plus an additional $500 for each child.
Paid Sick and Family Leave
We don’t want sick or potentially infected people going to work simply because they don’t want to miss a paycheck. To address this concern, paid sick and family leave for many workers affected by the coronavirus outbreak was expanded when President Trump signed the Families First Coronavirus Response Act on March 18, 2020. Under the new law, employers with fewer than 500 workers are required to provide up to 80 hours of paid sick leave to employees affected by the virus.
Tax Credits for the Self-Employed
While they don’t get the same sick and family leave benefits available to employees, the Families First Coronavirus Response Act provides self-employed people with two refundable tax credits tied to the amount of time they can’t work because of the coronavirus outbreak. The sick leave credit compensates self-employed people for up to 10 days away from their business for a reason that would entitle them to coronavirus-related sick leave if they were employees.
Lower Interest Rates
The Federal Reserve took one of the first coronavirus-related stimulus measures when it cut interest rates to nearly zero. While this is bad news for savers, its good news for borrowers. For instance, low interest rates reduce the cost of mortgages, which helps would-be homeowners and current homeowners looking to refinance.
Student Loan Relief
Student loan debt can be a heavy burden in the best of times. During an economic meltdown, it can pull you below water. Lawmakers recognize this, and that’s why there are several proposals to suspend student loan payments and/or defer interest. President Trump, for example, said his administration is waiving all federal student loan interest during the coronavirus crisis.
Mortgage Foreclosure and Eviction Relief
For anyone laid off from work or otherwise suffering financially because of the coronavirus-induced slowdown, losing the roof over your head is one of the scariest outcomes. To provide some protection for certain affect Americans, the Federal Housing Administration imposed a 60-day foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages.