What The CARES Act Means For You

The government has 

approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. 

As we're all dealing with the effects of COVID-19 on our lives, I want to share encouraging news: the government has  approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you. This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19.  The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you. What this means for you  and your loved ones If you're eligible for a cash payment  Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400. If you or someone you know has lost a job States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.  If you're a small business owner The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs. There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June. If you're a freelancer or independent contractor Typically, self-employed people, freelancers and contractors can't apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program representing $600 per week through the end of the year helping people who lose work as a direct result of the public health emergency. If you would like to learn more about all the contents in the CARES Act, please see this article. Please do not hesitate to reach out should you have any questions, or if you would like to chat. Stay safe and healthy. All the best, Mitchell Hall Mitchell Hall Licensed Associate Real Estate Broker (917) 312-0924 mitchell.hall@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Compass makes no representation or guarantee that Coming Soons are available in your region, or that its use will result in the benefits described herein.