During these times of uncertainty, SELF cares about getting you and your family the most up-to-date financial information possible to help relieve you of some stress. We are all in this together!
Congress passed the Coronavirus Aid, Relief, and Economic Security (CARE) Act that will provide direct financial relief to families, support small businesses and their employees, as well as help our hospitals and medical professionals combat this virus.
Financial Relief For Families
This legislation provides important financial assistance for families, including:
- $1,200 recovery checks for individuals and $2,400 for married couples who file jointly.
- Couples will also receive an additional $500 for each child.
- Individuals with no income – or only Social Security income – are also eligible.
- Eligibility for recovery checks is reduced, starting at $75,000 in income for individuals and $150,000 in income for joint filers.
- For those without children, individuals with income exceeding $99,000 and joint filers with income exceeding $198,000 are ineligible. The income cap is slightly higher for those with children.
- Eligibility is based on 2019 tax returns or 2018 returns if you have not yet filed for 2019.
- Visit the IRS website for FAQs regarding eligibility for this financial assistance.
Protecting Unemployed Americans
The CARE Act also strengthens and expands unemployment insurance if you cannot work due to the coronavirus by:
- Expanding unemployment benefits to the self-employed, independent contractors, and gig workers.
- Providing additional benefits to each recipient of unemployment insurance for up to four months.
- Offering paid leave for people who were employed on March 1 and have lost their job due to coronavirus.
Additional Resources For Hospitals
This legislation also provides $100 billion in additional funding for our hospitals and healthcare workers who are on the front lines of this fight by:
- Increasing the supply of drugs and critical equipment, including ventilators and masks. Boosting hiring for coronavirus-related health care jobs.
- Ensuring all coronavirus tests are free for those who need them.
- Speeding up the development of new vaccines and treatments.
- Ensuring Medicare patients can access treatment for coronavirus by increasing payments for providers. It also ensures Medicare Part D beneficiaries have access to prescription drugs during the emergency.
Care For Veterans
The legislation also includes funding to support increased demand for health care services at VA facilities through:
- Expanding access to tele-health.
- Purchasing additional medical equipment, supplies, testing kits, and personal protective equipment.
- Enabling the VA to provide additional support for vulnerable veterans
View a helpful video detailing Covid-19 best practices for construction job sites by clicking here.
As a way to help more people improve the safety, security and accessibility of their homes, we have set up a Solidarity Fund to raise funds to help those in need. It’s never been more important to help our neighbors, especially during the COVID-19 pandemic.