CARES 2-Proposed changes coming!

Craig Watkins |

CARES 2 Proposed Items

*These items will be updated, discussed-with final details expected August 7, 2020

*Financial assistance to schools  $110 Billion in financial aid to the states and the respective Governors offices to allow for increased needs in retrofitting schools to re-open with necessary requirements.

*Payroll Tax Cut Details still to be decided upon.

*5-year liability protection for businesses  No one would be allowed to file suit arising from the pandemic for the next 5 years.  This would protect businesses from frivolous lawsuits stemming from the Coronavirus.

*Student Loan relief  Current protection ends on September 30th.  There would be a progression of protection allotting for no more than 10% of income paid to student loans after rent, food and expenses.

*A second stimulus check to qualifying individuals  This means, anyone who earns, $75,000.00 or less, would receive a one time $1,200.00 payment, including $500.00 for each dependent.  This payment would look very similar to the first check some Americans received.  Individuals filing jointly would expect to receive $2,400.00 if joint income totals less than $150,000.00.  If your yearly earned income totals more than these amounts, there would be a reduction calculation of 5% of your adjusted gross income throughout higher income levels.

*Unemployment benefit bump up  The new amount of “bump up” in unemployment benefits would be approximately $100-200 a week, capping at 70% of a worker’s lost weekly income benefit, based on claims submitted.  It is reported it would take about 20 weeks to allow for this amount to aggregate for every individual.  This is down dramatically from the $600.00 a week individuals have been receiving. 

*Moratorium on Evictions The now expired moratorium on evictions would be reinstated, to allow for no evictions services to be commence and no penalties or charges for non-payment of rent-they are hopeful this relief will last through 2020.

*States re-funding of “rainy day” fund  States would see replenishment of their “rainy day” funds depleted by the payment of pension pay-outs and other state sponsored payments-lost revenue funding replenished state to state, no umbrella amounts stated.