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FEDERAL RESPONSE

The federal government has passed numerous measures to help individuals, small businesses, and larger businesses affected by COVID-19. From $1,200 direct payments for taxpayers to expanded unemployment benefits, you may benefit directly from recent legislation.

$2 Trillion Stimulus Package (Signed on 3/27)

This is the largest stimulus package in US history and Includes $1,200 direct payments to individuals.

  • Direct Payments:

    • Single adults with Social Security numbers who are U.S. residents and make $75,000 or less, will receive $1,200. This amount phases out for individuals making more than $99,000 or couples making more than $198,000. Recipients will also receive $500 for each child 16 and younger. FAQ here.

    • How to receive your direct payment:

      • If you filed a 2018 or 2019 tax return, you do not need to take additional action. Automatic payments have begun.

      • Social Security recipients who are not typically required to file a tax return do not need to take action. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

      • Individuals who make less than $12,200 ($24,400 for married couples) for 2019 or were not otherwise required to file a federal income tax return for 2019, and don't plan to, should fill out this quick IRS form to receive their payment. You will need to provide your Social Security number, name, address, and dependents. 

  • Expanded Unemployment Benefits:

    • ​Adds $600 per week on top of Colorado unemployment benefits. That boosted payment will last for four months

    • Expands unemployment benefits to self-employed people, freelancers and contractors: click here

  • Student Loans: Federally-serviced student loan payments will be automatically deferred until September 30th without interest or penalty: click here

  • Health Insurance: Requires all private insurance plans to cover COVID-19 treatments and vaccine and makes all tests free

  • Small Businesses: $10 billion in grants of up to $10,000 and $350 billion in loans of up to $10 million. Any portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven: click here

  • Large Businesses​: $500 billion in loans, including $58 billion for airlines. Loan recipients will have to pay the government back, will be subject to public disclosure, and will be barred from making stock buybacks for the term of the loan plus one year.

  • Hospitals: $100 billion for hospitals responding to COVID-19: click here

  • Community Health Centers: $1.32 billion for community centers that provide health care services for roughly 28 million people

  • Drug Access: $11 billion for diagnostics, treatments and vaccines

  • Veterans' health care: $20 billion set aside for veterans

  • Food Security: $8.8 billion for school meals and $15.5 billion for the Supplemental Nutrition Assistance Program (SNAP)

  • State and Local Governments: $339.8 billion total, including $150 billion in direct aid for state and local governments, $5 billion for Community Development Block Grants, $13 billion for K-12 schools, $14 billion for higher education and $5.3 billion for programs for children and families, including immediate assistance to child care centers

  • For more info on this legislation, click here

Families First Coronavirus Response Act (Signed on 3/18)
  • Free coronavirus testing for everyone who needs a test, including the uninsured;

  • Paid emergency leave; 14 days of paid sick leave and up to three months of paid family and medical leave 

  • Enhanced Unemployment Insurance, a first step that will extend protections to furloughed workers;

  • Strengthened food security initiatives, including SNAP, student meals, seniors nutrition and food banks; 

  • Clear protections for frontline workers, including health care workers and other workers who are in contact with those who have been exposed or are responsible for cleaning at-risk places; 

  • Increased federal funds for Medicaid, as states face increased costs. 

  • For more info on this legislation, click here

Coronavirus Preparedness and Response Supplemental Appropriations Act (Signed on 3/6)
  • $3 billion+ for development of vaccines and therapeutics;

  • $9.3 million in funds for Colorado to support state and local health agencies

  • Support for small businesses -- allows for an estimated $7 billion in low-interest loans to affected small businesses, to help cushion the economic blow of this public health emergency. 

  • For more info on this legislation, click here

Other Measures
  • Federal tax filing deadline extended to July 15: click here

Last updated on Monday, April 13th

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Denver, CO 80203

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info@leslieherod.com

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