The CARES Act is the largest economic relief bill in US history and will allocate $2.2 trillion in support to individuals and businesses.
Over the next few days I’m going to try to look into each component as we continue to stay in and help “flatten the curve”
Here’s a breakdown of how the money will be distributed.
Key Updates to the CARES Act
- Unemployment insurance provisions now include an additional $600 per week payment to each recipient for up to four months, and extend UI benefits to self-employed workers, independent contractors, and those with limited work history. The federal government will provide temporary full funding of the first week of regular unemployment for states with no waiting period and extend UI benefits for an additional 13 weeks through December 31, 2020 after state UI benefits end.
- The proposed recovery rebates will use 2019 tax returns (2018 if the taxpayer has not filed in 2019) to determine the advanced rebate amount and reconcile the rebate based on 2020 income. This means that taxpayers who receive a smaller rebate than they are eligible for based on 2020 income will receive the difference after filing a 2020 tax return, but overpayments of rebates due to a higher income in 2020 will not be clawed back.
- Employers are eligible for a 50 percent refundable payroll tax credit on wages paid up to $10,000 during the crisis. The credit would be available to employers whose businesses were disrupted due to virus shutdowns and those that had a decrease in gross receipts of 50 percent or more when compared to the same quarter last year. The credit can be claimed for employees who are retained but not currently working due to the crisis for firms with more than 100 employees, and for all employee wages for firms with 100 or fewer employees.
- Certain employer payments of student loans on behalf of employees are excluded from taxable income. Employers may contribute up to $5,250 annually toward student loans, and the payments would be excluded from an employee’s income. There’s a lot of grumbling and negativity out there, but there has been since President Trump has been elected. No matter what he does, he’s not ever going to make everyone happy.
Remember the old saying
“You can please some of the people all of the time, you can please all of the people some of the time, but you can’t please all of the people all of the time”.
That’s how his whole presidency has been. He’s put America first over anything. He’s brought jobs back, he’s built the best economy ever, and he’s had to battle daily democratic and media bashing. May God bless him and keep him strong and healthy to get us through this mess.
I remember back in the ‘70s someone asking “What is more important, Freedom or Peace?”
Benjamin Franklin said it best:
Instead of bashing our President, let’s lift him up. He truly has the weight of the world on his shoulders. He’s doing the best he can for our country. He’s trying to see past this mess, so when we do come through this we will not be destitute; America will be strong.
Last but not least, the RECOVERED total is still higher than the death rate
Important links to keep us informed:
https://www.worldometers.info/coronavirus/
Stay calm, wash your hands and pray forour world ❤️🙏
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