September 6, 2021

What Individuals Need to Know About the CARES Act

All things you need to know about the CARES act.

10 min read

Qoins Staff

@qoinsapp

Recently, the Senate has passed a two trillion dollar stimulus bill, known as the Relief and Economic Security (CARES) Act, in order to help assist individuals and businesses affected by the coronavirus pandemic.

This bill helps individuals who make under 75,000, married couples who make under 150,000, and people who are either unemployed, have student loans, or a freelancer. Including extending the deadline for tax returns and insurance coverage COVID-19 treatments.

It is important to note that cash payments are based on either your 2018 or 2019 tax returns. If you made less in 2019 than 2018 it is imperative to do your tax return for 2019 as soon as possible. The Federal government has extended the due date for tax filing and tax payment from April 15th, 2020 to July 15, 2020.


No items found.

Here we will list what individuals should expect for the upcoming relief fund.

Cash Payments Towards Individuals

Individuals who earn less than $75,000 should expect a one-time cash payment of $1,200. Married Couples who earn less than 150,000 can expect a one-time cash payment of $2,400 and an additional $500 for each child.

Retirement Loans

You are allowed to take up to 100,000 or 100% of the vested balance.

Retirement Distributions

You can distribute up to 100,000 with the related income tax payable over a three year period. Also, depending on the amount you distributed previously, you can recontribute that amount back on track over a three year period without affecting that year’s normal contribution limits.

Insurance

All COVID-19 treatments, (possible future) vaccines and coronavirus tests are free and covered by insurance, according to the new bill.

Unemployment

The coronavirus relief bill will provide an additional $600 dollars a week on top of state’s unemployment benefits until July 31st. Including increased unemployment benefits and broadening who is eligible for unemployment. Also state limits for receiving unemployment benefits have been increased from 26 weeks to 39 weeks.

If you have any more questions about the CARES Act, leave a comment down below!

Resources:

The CARES Act Bill

Families First Coronavirus Response Act

What’s Inside The Senate’s $2 Trillion Coronavirus Aid Package

See what you can do with Qoins
UP NEXT
© 2022 Qoins Technologies, Inc. All Rights Reserved

Qoins Card is issued by Evolve Bank & Trust, Member FDIC. Pursuant to a license from Visa U.S.A. Inc. Card is a prepaid debit card. Card can be used everywhere Visa debit cards are accepted. 

*Qoins deposits are insured up to $250,000 by Evolve Bank & Trust, Member FDIC.

Form C-AR