Stimulus and unemployment payments for the elderly
This past Wednesday the U.S Senate approved a $2 trillion economic stimulus plan in hopes of providing financial relief to all those affected by the Coronavirus. This plan involves stimulus payments made out to millions of American citizens including veterans and those already receiving social security retirement payments. Currently the payments are scheduled to be a one time payment of about $1200 per adult. This amount will be allotted to all single individuals with an adjusted gross income of $75,000 or less and all married individuals without children earning under $150,000 can expect to receive $2,500.
Singles earning $99,000 or above as well as those married and earning $ 198,000 or above should expect no stimulus payments. Those filing as head of household can still expect a payment as long as their income falls at $112,500 or less. The funds will be distributed via direct deposit and through the IRS based upon your 2018 or 2019 tax and banking info. You must contain a valid social security number to qualify as well as a recent tax filing.
If your most recent income statement would qualify you as ineligible to receive this stimulus payment however, you are now suffering from a recent loss of income there are other options available to you. This new legislation also allows for individuals to file for unemployment or small business loans. Those who are currently unemployed, partially unemployed, or unable to work due to the coronavirus are eligible to receive unemployment benefits. The amount of unemployment benefits may vary by state but are typically intended to replace 40% of the average American weekly paycheck of $1,000. Under this plan unemployed workers can also expect to receive an additional $600 in weekly unemployment benefits. This new legislation would also enable self employed and part time individuals to be eligible for these benefits. These benefits will also be extended to those who;
- are unable to work due to lack of childcare amongst school closures
- are unable to work due to Covid-19 diagnosis
- are unable to work due to mandated quarantine
- are unable to work due to work closure
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.