How can I get some help?
For starters, the CARES act (Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law and provides approximately two trillion of dollars in relief to individuals and businesses during this difficult time.
How does it work?
Restaurant workers and owners will be able to benefit from two of the six main groups that the CARES Act is aimed to help – individuals and small businesses.
How will the CARES Act help support me?
The CARE Act expands unemployment benefits and sends cash payments to those who meet certain requirements.
Will I receive cash payments from the CARES Act?
A one-time cash payment of $1,200 will be sent to anyone making less than $75,000 a year. The payment amounts will decrease for people making between $75,001-99,000. Anyone making above $99,000 will not receive a payment. An additional payment of up to $500 per child will also be made for those who fit the criteria.
Will I receive additional unemployment benefits from the CARES Act?
The amount of money someone receives from their state will remain the same, but the CARES Act will provide an additional $600 per week in federal contributions for the next four months, or until they can return to work.
The bill will also provide 13 more weeks of unemployment insurance, so if you are getting close to the maximum number of weeks allowed by your state, you can receive an extension. If you file for unemployment now, you will still be eligible to collect for the amount of time allowed by your state, plus the additional 13 weeks.
Will I still receive the tax return I was expecting?
The IRS has said that anyone who has filed or plans to file their taxes and receive a return will still be getting the same amount as before. The tax deadline has also been extended from April 15 to July 15.
Will the CARES Act help me with health coverage?
If you are already on a private insurance plan, the CARES Act will require your provider to cover all COVID-19 treatments and make all coronavirus tests free. If you are currently uninsured, check with your state about signing up for insurance under the Affordable Care Act – 11 states have reopened enrollment so far.
How are restaurant owners being supported to keep their employees?
This provides restaurants with a refundable payroll tax credit for 50% of wages paid during the COVID-19 crisis.