COVID19 Tax Implications
$2 TRILLION DOLLAR RELIEF PACKAGE
Some highlights courtesy of USA Today:
Help for families
- The bill would provide direct payments of up to $1,200 for most individuals and $2,400 for most married couples filing jointly with an extra $500 for each child.
- Assistance would start to phase out for individuals earning more than $75,000 and for couples with more than $150,000 in income.
- Unemployment insurance benefits would be expanded, increasing the maximum benefit by $600 a week for up to four months. Benefits would be available to workers who are part-time, selfemployed or part of the gig economy. People who are still unemployed after state benefits end could get an additional 13 weeks of help.
- Food assistance programs would get a boost as would programs to help low-income households avoid eviction and a program to improve internet access in rural areas.
- Homeowners with federally-backed mortgages would be protected from foreclosures for as long as 180 days.
- Students with federal loans could suspend payments until October.
- Students receiving Pell grants who have to drop out because of coronavirus would not be penalized.
Help for small businesses
- The bill would give small businesses access to a nearly$350 billion loan program to cover monthly expenses like payroll, rent and utilities. The loans would not have to be repaid if businesses maintained their workforce.
- The eight weeks of assistance would be retroactive to Feb. 15, 2020 to help bring back workers who have already been laid off.
Tax day moved to July 15
Treasury Secretary Steven Mnuchin tweeted that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic. Learn more here.