As coronavirus (COVID-19) continues to affect the economy, many have been wondering when another relief package would be passed by Congress. After the CARES Act was passed in March 2020, providing the first source of stimulus payments, consumers have been anticipating a second source of stimulus payments to help during their continuing financial struggles. Fortunately, at the end of December 2020, a second stimulus relief package was passed by Congress and signed by the President, providing them with a sense of reprieve.
As compared the $2 trillion CARES Act passed last March, this second package totals $900 billion. Additionally, while the previous package provided $1,200 per taxpayer, this new bill provides $600 per individual making less than $75,000 annually. The new legislation provides $600 per child, while the previous legislation provided $100 less per child.
Additionally, unemployed Americans will receive a $300 weekly federal payment in unemployment benefits. This payment is expected to last through March 14, 2021, unless otherwise extended.
The federal eviction and foreclosure moratoriums have been extended to allow further relief for renters and homeowners who are struggling to make payments. A total of $1.4 billion has been designated for renter’s assistance for Florida renters.
A second set of Paycheck Protection Program (PPP) loans have been issued with this new legislation for businesses continuing to struggle in light of the COVID-19 pandemic.
Amounts are based on 2019 incomes and 2019 tax returns. Individuals whose tax refunds were issued via direct deposit through the IRS and those who receive Social Security through direct deposit should be the first to receive payments.
Direct deposits have already begun and are continuing to roll out over the next several weeks. Consumers are encouraged to go to the IRS tracking site to find out when they should expect to receive their second stimulus relief check.
If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.