Best Business Credit Cards Of April 2020

There may not be another round of stimulus checks anytime soon.

In March, the federal government passed the nearly $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act. The historical relief package provided one-time payments directly to Americans to help keep them afloat as the coronavirus pandemic ripped through the economy and put millions out of jobs.

The new law expands unemployment benefits dramatically, with an additional federal payment boosting normal benefits. Here are the details:

• In addition to normal state benefits, an additional $600 per week will be paid to individuals for up to four months. This boost will help individuals earn around the median weekly wage; Senate Minority Leader Chuck Schumer, D-NY, recently said on CNN it will help most individuals get their full salary, or “very very close to it.”
• Benefits will last longer too. Regular state unemployment eligibility of 26 weeks has been expanded by an additional 13 weeks, for a total of 39 weeks.
• The package expands unemployment insurance to those who don’t typically qualify: Gig economy workers who are classified as independent contractors and self-employed individuals.
• Individuals who haven’t been laid off, but can’t work due to a variety of reasons related to COVID-19, would also be eligible for unemployment checks. These reasons would include a case where they were diagnosed with COVID-19, were awaiting a diagnosis, or had a family member diagnosed with the disease; Individuals who were scheduled to start a job and could not because their future workplaces had been shut down due to the COVID-19 pandemic, would also be eligible. Additionally, individuals whose head of household died directly due to COVID-19 will be eligible.

COVID-19 continues to wreak havoc on the world’s peoples and economies. In the United States, as businesses shut down or pare back, millions of workers have already been laid off, leaving many to wonder how they’ll pay their bills.

After intense bipartisan negotiations,  the House and Senate have finally both passed and President Trump has signed a $2 trillion plus stimulus relief package to help American families and businesses make it through the coronavirus pandemic. The package is the biggest economic rescue package in modern American history. “This is a wartime level of investment into our nation,” said Senate Majority Leader Mitch McConnell after the two sides agreed to the deal.

The package grants households relief in the form of stimulus checks sent directly to most Americans, expanded unemployment benefits, paid sick leave, temporary student debt relief and more.

Here’s what consumers need to know about the stimulus package. For more coverage of COVID-19 and how it affects your financial health, click here.