As the COVID-19 pandemic reaches all time highs in the US, the government has just passed a $2 Trillion economic rescue plan. We've highlighted some key actions that you should take to benefit during this financial crisis:
The bill will provide financial aid based on your income:
$75,000-$99,000: up to $1,200
$150,000-$198,000: up to $2,400
Additional $500 per child
2019 tax return if you've already filed. Otherwise, your 2018 tax return.
The IRS likely already has your bank account information. They expect that you should be receiving the amount you are eligible for via direct deposit within 3 weeks. You must have a valid social security number to be eligible.
You should receive a notice in the mail no later than a few weeks after your payment had been disbursed. That notice will contain information about where the payment ended up and in what form it was made. If you can't locate the payment at that point, you should contact the IRS.
If you are the owner of a shop, the US Small Business administration is offering favorable low interest loans to help with rent, utilities and payroll. If the business uses the loan funds for the approved purposes and maintains the average size of its full-time workforce based on when it received the loan, the principal of the loan will be forgiven, meaning the company will only need to pay back the interest accrued. The details of loan forgiveness are still unclear, but we will update this page once we know more.
You can find more details about the loans by state here: https://disasterloan.sba.gov/ela/Declarations/Index
You can apply for a loan here: https://disasterloan.sba.gov/ela
If you are a self-employed barber, you are now eligible for unemployment benefits under the new bill. Benefit amounts vary by state and are calculated based on previous income plus an additional $600 per week. The additional $600 per week is valid until July 31st.