Congress recently approved the CARES (Coronavirus Aid and Recovery and Economic Security Act) stimulus bill to provide support to millions of Americans who have been impacted by the COVID-19 virus.
Key features of the CARE stimulus bill include:
- A one-time payment of up to $1,200 ($2,400 per couple) for individuals earning up to $75,000 ($150,000 per couple).
- A one-time payment of up to $500 for each child 17 and under.
- $600 in weekly unemployment benefits. This is IN ADDITION to the weekly unemployment benefit offered by your state.
- Deferred payments and waived interest (for a defined period of time) on select student loan programs.
- Additional funds for Housing Choice Vouchers to those that qualify
- SBA loans are available for small businesses with debt forgiveness features
Important highlights about the CARES Act:
- Regular tax filers: You do not need to apply for this stimulus payment. For information about eligibility, payment timeline, and more visit https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
- Non tax filers: Individuals that are low-income taxpayers, senior citizens, Social Security recipients, some veterans and others may still be eligible for stimulus checks. You will need to file a simple return with the IRS. For more information about how to file a simple return visit https://www.irs.gov/coronavirus
- Additional Unemployment: Please visit your state’s unemployment website to complete the necessary steps to secure the additional unemployment benefits. The list of those resources can be found on the State Specific page of LatterBlumPMCares.com
- SBA Loan Information: Small Business Owners should visit the SBA website to determine if you qualify and learn more about the resources available. visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Louisiana Housing Corporation to launch new rental assistance program
Additional Financial Resources
United Way Hotline for financial and other support. Visit http://211.org/ or Dial 211
Car Payment Assistance Programs Visit https://accountmanager.ford.com/
Hyundai Motor America
Car Payment Assistance Programs. Contact Hyundai Motor America Account Assistance
Most government agencies will assist you with finding a rental that participates in their subsidy program. Many non-governmental and non-profit agencies will assist you with emergency rental funds so you can stay in the rental that you already live in. Most of the time funds are paid directly to the landlord. Be prepared to provide proof of residence and financial need.Visit https://www.rentassistance.us/
Resident Relief Foundation
Salvation is focused on financial support for low wage workers losing their jobs during the COVID outbreak. Visit https://www.salvationarmyusa.org/usn/covid19/
The government will temporarily stop collecting interest payments on federal student loans until further notice. Nearly all individuals with federal student loans will be allowed to suspend payments for at least two months. Many providers are offering support to create more manageable payment options to those experiencing financial crisis.
Contact Customer Support directly for your provider
Tax Filing Deadline extended from April 15 to July 15
What does this mean for individuals? The extension allows taxpayers an extra 90 days to complete individual and business federal income tax filings and make payments.
Commercial Financial Resources
US Small Business Administration
Center for Disease Control and Prevention
Resources for Businesses and Employers Visit https://www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html