The Coronavirus pandemic truly affected a lot of people’s lives. It is one of the most devastating periods of the human race as many people got financially restless. Many became unemployed due to the crisis. If you are one of these people, do you still expect financial assistance to clear your debts?
During the early phase of the COVID pandemic in 2020, the biggest emergency spending package was signed in the US. It was a relief bill worth 2 trillion dollars. The bill helped many industries, workers, the unemployed, low-earners, and, practically, everyone. However, much of this aid has been exhausted and can no longer be shared in 2022.
Yet, the people still need financial assistance. Luckily, generous private sectors of the country have now taken the role of assisting everyday workers, and families get benefits. Instead of pressuring yourselves by claiming expired government programs, continue reading this review as we reveal the new stimulus package and how you can get it.
Money Benefits for Individuals and Families
The new stimulus package allows qualifying adults and children to get cash benefits. Adults will receive up to $600 and an additional $600 per child. Reminiscing on the previous benefits, adults are pretty on a low as they now accept half the regular payments. At the same time, eligible children get an increased value of $100 compared to the first check.
This package follows the same income limits as the CARES Act. Here, married couples earning more than $150,000 get $1,200. While employees making more than $75,000 get a $600 benefit or nothing at all.
Insurance Benefits for The Unemployed
As said earlier, many employees have been affected by the pandemic and can no longer function financially. As a relief for these sets of people, the CARES Act gives out an additional $600 on a weekly basis as a special unemployment insurance bonus. This bonus is separate from the usual unemployment benefits, varying from $200 to $500 per state.
The new package adds $300 per week to the federal unemployment bonuses for 11 weeks. This package wasn’t retroactive and covered all the 11 weeks till March 14, 2021. Self-employed citizens with a minimum yearly income of $5,000 that do not qualify for the Pandemic Unemployment Bonuses receive $100 weekly.
SNAP, Supplemental Nutrition Assistance Program, declared a program that assists needy families with food. The program was focused on advising these families to buy and eat healthy foods. Almost $13 billion was put forward to oversee these nutrition bonuses.
Vaccines are indisputably a method to help reduce the effects of the pandemic. Now that enough vaccines have been tested and collected, the new stimulus package $20 billion for vaccine expenses. An additional $8 billion will be used to distribute these vaccines to numerous areas. This way, everyone can get the vaccine anytime without paying a dime.
Another $25 billion funds were released as emergency rental assistance for evictions, which was said to expire on January 31, 2022. Several attempts have clearly shown how difficult it was to get information about how this benefit will be distributed.
Loans For Small Businesses
Small businesses were never an exclusion from the new stimulus package. In fact, a particular program, the Paycheck Protection Program, was opened after this bill to support small businesses. Here, several industries, including movie theaters, cultural centers, local news broadcasters, and live venues, will be given $15 billion. This way, they can create and establish their businesses furtherly.
How To Use the Stimulus Package to Boost Finances
A glance at this review will give you the chance to explore various options from the new stimulus package. However, solving financial difficulties with these benefits is not enough. To assist you further in making the best decisions and boost your finances, here are simple ideas to consider;
- Spend Your Stimulus Check Wisely:
Rather than spending these benefits on unnecessary necessities, consider putting the funds to clear debts, such as a retirement fund or an emergency fund.
- Plan Funds for Rent Payments: As a renter, you can review your lease to find financial pluses. Talk with your landlord and find ways to renegotiate. You can also consider picking up another earning skill and reducing extra expenses.
- Find A Job: Search for jobs on the internet and physically show up for vacancies. A job allows you to claim a $600 benefit from the new package rather than the unemployed bonus of $300. Amazing, right? So, continue the job hunt to start earning and benefiting.
- Make Use Of Students Loans and Aids: Unfortunately for students, no benefits are covering their allowances. So, it is advisable that students stick to loans and aid.
The second Coronavirus stimulus package is undoubtedly an impressive method to ease financial stress. Nevertheless, you can still consider our debt relief program. With the expertise of consultants in the program, you will be able to build a stronger financial future. Check out if you qualify and apply today. Your future is in your hands!