Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits.
$600 Direct Payments to Americans
The bill includes a $166 billion provision for direct payments of $600 to individuals making up to $75,000 per year, and $1,200 for married couples making up to $150,000 per year, as well as a $600 payment for each child dependent.
The benefit size will be incrementally reduced for those earning more than $75,000, or $150,000 per married couple. For every $100 of income earned above those values, the amount will decrease by $5. The benefit will not provide payments to individuals earning more than $87,000 or to couples earning more than $174,000. There is no limit on the number of children a household can claim.
The stimulus money will be sent via direct deposit. For Americans who don’t have a bank account or if the federal government does not have your direct deposit information, physical checks will be sent.
Mixed-status households, or those where a family member does not have a Social Security number, will be eligible for stimulus payments. This is a key change from the CARES Act. Those without Social Security numbers, typically unauthorized immigrants, still aren’t eligible. But it would allow U.S. citizens who are married to foreign nationals without Social Security numbers to receive the aid.
Paid Sick Leave
Under this agreement, a tax credit will be available to support employers who offer paid sick leave, based on the structure of the Families First Coronavirus Response Act (FFCRA) enacted in March. The FFCRA required numerous employers to provide workers with two weeks of paid sick leave related to COVID-19 and up to 12 weeks of family and medical leave to care for family members at two-thirds pay.
For more detailed information regarding your specific situation, don’t hesitate to contact your local CRI professional.