Mobile Menu

  • Facebook
  • Instagram
  • Twitter
  • YouTube
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchit Italianes Spanish
  • 🍹 LOCAL RESTAURANTS
    • DENTON
    • FLOWER MOUND
    • FRISCO
    • GARLAND
    • LEWISVILLE
    • MCKINNEY
    • PLANO
    • PROSPER
    • 🌮 ALL Restaurant News
  • 📍 LOCAL NEWS
  • Kids + Family
    • DIY HAND SANITIZER
    • NATIONAL PARKS – VIRTUAL TOUR
    • 🧪 KIDS SCIENCE
    • EDUCATIONAL VIDEOS
    • 151 FREE HOMESCHOOL IDEAS
    • ART MUSEUMS – VIRTUAL TOUR
    • DIY BABY WIPES
    • TOILET PAPER ROLL CRAFTS
    • 🍔 2020 KIDS EAT FREE LIST
  • 💰 SAVE MONEY
    • HOME + GARDEN TIPS
  • 📩 STAY IN THE LOOP
  • 📣 Submit A Story
  • PARTNERSHIPS
  • MEET THE TEAM
  • ✈️ Travel
    • FREE Guide: Ultimate Texas Bucket List
  • ✨ Culture
    • Dallas Culture
    • Sports and Entertainment
    • 📍 Places To Go
      • FREE Guide: Ultimate Texas Bucket List
      • Spring Break
    • Charities and Causes
  • 🥳 Celebrate!
    • New Years Eve
    • Super Bowl Sunday!
    • Valentine’s Day
    • St. Patrick’s Day
    • Spring Break
    • Thanksgiving
    • Christmas
  • Shopping
  • 🏠 Your Community
    • dallas
      • dallas tourist spots
      • dallas design district
      • deep ellum
      • downtown dallas
      • highland park
      • preston hollow
      • state fair of texas
      • trinity groves
    • fort worth
      • fort worth museum
      • fort worth stockyards
      • fort worth water gardens
      • things to do in fort worth
    • arlington
    • irving
      • las colinas
    • denton
    • frisco
      • frisco sports
      • the star
    • plano
      • legacy west
      • things to do in plano
    • mckinney
    • flowerplex
      • double oak
      • flower mound
      • highland village
      • lantana
      • lewisville
      • argyle
      • bartonville
    • corinth
    • hickory creek
    • lake dallas
    • little elm
    • north dfw
      • addison
      • allen
      • carrollton
      • colleyville
      • the colony
      • coppell
      • fairview
      • farmers branch
      • garland
      • grapevine
      • roanoke
      • richardson
      • rockwall
      • southlake
      • terrell
    • waxahachie
    • south dfw
      • cedar hill
      • crowley
      • grand prairie
      • mansfield
    • mid-cities
      • euless
    • ellis county
      • ennis
    • decatur
    • palo pinto
      • downtown mineral wells
      • mineral wells
      • mineral wells state park
      • possum kingdom lake
  • Menu
  • Skip to right header navigation
  • Skip to primary navigation
  • Skip to secondary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchit Italianes Spanish
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Metroplex Social

Metroplex Social is your daily source for breaking news, trending topics, culture, entertainment, and more!

Header Right

  • Local News
  • SEARCH Local
    • SEARCH Local
    • Get Your FREE Local Guide
    • Submit a Business
    • Submit a Charity
  • Submit a Story
  • Meet Our Team
  • Partnerships
  • Your Community
    • dallas
      • bishop arts district
      • dallas arts district
      • downtown dallas
      • highland park
      • preston hollow
      • turtle creek
    • fort worth
      • sundance square
      • benbrook
      • haltom city
      • kennedale
      • north richland hills
    • arlington
    • irving
      • las colinas
    • denton
    • flowerplex
      • flower mound
      • highland village
      • argyle
      • bartonville
      • double oak
      • lantana
      • lewisville
    • grapevine area
      • grapevine
      • colleyville
      • southlake
      • roanoke
    • lake cities
      • corinth
      • hickory creek
      • lake dallas
    • mid-cities
      • euless
    • north dfw
      • addison
      • allen
      • carrollton
      • the colony
      • coppell
      • fairview
      • farmers branch
      • little elm
      • Melissa
      • parker
      • richardson
    • south dfw
      • cedar hill
      • crowley
      • garland
      • grand prairie
      • rockwall
      • terrell
    • frisco
    • mckinney
    • plano
      • legacy west
      • things to do in plano
    • ellis county
      • ennis
      • waxahachie
    • decatur
    • denison
    • palo pinto county
      • mineral wells
      • mineral wells state park
      • palo pinto
      • possum kingdom lake
    • weatherford
  • LOCAL NEWS
  • 🍹 RESTAURANTS: LOCAL
    • DENTON RESTAURANTS
    • FLOWER MOUND RESTAURANTS
    • FRISCO RESTAURANTS
    • GARLAND RESTAURANTS
    • LEWISVILLE RESTAURANTS
    • MCKINNEY RESTAURANTS
    • PLANO RESTAURANTS
    • PROSPER RESTAURANTS
    • ALL RESTAURANT NEWS
  • Travel
    • FREE Guide: Ultimate Texas Bucket List
    • Spring Break
  • CULTURE
    • PLACES TO GO
      • FREE Guide: Ultimate Texas Bucket List
      • Spring Break
    • DALLAS CULTURE
    • Charities and Causes
    • Sports and Entertainment
    • PARENTING IN QUARANTINE
    • Celebrate!
      • New Years Eve
      • Super Bowl Sunday
      • Valentine’s Day
      • St. Patrick’s Day
      • Spring Break
      • Thanksgiving
      • Christmas
    • Social and Lifestyle
  • HOME + GARDEN
  • KIDS + FAMILY
    • DIY HAND SANITIZER
    • DIY BABY WIPES
    • 151 FREE HOMESCHOOL IDEAS
    • KIDS SCIENCE EXPERIMENTS
    • HUGE LIST of VIRTUAL TOURS
    • TOILET PAPER ROLL CRAFTS
    • EDUCATIONAL VIDEOS
    • MAKE SOCIAL DISTANCING FUN
    • HOMESCHOOL P.E. IDEAS
    • NATIONAL PARKS – VIRTUAL TOUR
    • ART MUSEUMS – VIRTUAL TOUR
You are here: Home / Coronavirus COVID-19 / Here’s How The CARES Act Benefits You And Your Family Or Business
us-cares-act-benefits-covid-19-families-small-business

Here’s How The CARES Act Benefits You And Your Family Or Business

March 31, 2020 //  by Allie//  Leave a Comment

Share
Tweet
Pin
16 Shares

The Coronavirus Aid, Relief and Economic Security (CARES) Act was just signed into law March 27, 2020 by President Donald Trump and is an attempt to help those who are facing economic loss, unemployment, and financial ruin due to the coronavirus shutdown. The full text of the bill is 880 pages long, so we decided to highlight the parts that are likely the most important to you. Keep reading to discover How the CARES Act will Help You Recover from the Coronavirus Shutdown.

Small Business Owners: The SBA is offering loans to those who have suffered an economic loss due to the coronavirus shutdown. Here’s how to apply.

One of the things that makes the CARES Act especially beneficial to the every day American is that it expands who is eligible for unemployment benefits and helps struggling families who may have lost one or both incomes due to the coronavirus shutdown. The $2 trillion bill is aimed at mitigating financial losses and stimulating the economy. By the way, $2 trillion looks like this: $2,000,000,000.00. Here’s How the CARES Act May Help You:

How The CARES Act Will Help You Recover From The Coronavirus Shutdown

Direct Payments to Americans

Americans who have filed their taxes for 2019 or 2018 will receive a one-time direct deposit of $1,200, and married couples will get $2,400. If you have dependent children, they you will receive an additional $500 per child. There is an income cap–$75,000 for individuals and $150,000 for married couples.

You will receive payment automatically if you’ve filed for taxes for years 2018 or 2019, and the payment is expected to be sent directly to your bank account if the IRS has that information OR to the address on file. If you do not receive payment, then you should contact the IRS for further information. So far, no firm date on when to expect payment.

Expanded Unemployment Benefits to Americans

The CARES Act is extending their unemployment program and expands eligibility to those who normally wouldn’t receive unemployment benefits.

Workers will get an additional $600 per week for four months, on top of what state programs pay. It will also extend uninsured benefits through the end of 2020 for eligible workers.

Eligibility has been expanded to include those who are self-employed, independent contractors (1099’s), and gig economy workers (think Doordash, GrubHub, Uber, etc).

Help Employers With Payroll Taxes

Employers are allowed to delay the payment of their portion of 2020 payroll taxes until 2021 and 2022.

Eliminate Penalty for Withdrawing Retirement Funds

The CARES Act waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, and it is retroactive to Jan 1, 2020. Withdrawals are still taxes, however taxes will be spread over three years OR you can opt to roll it back over as long as you do it within three years.

Increase Borrowing Limits Against Retirement Accounts

For those needing a 401(k) loan, the loan limit is increased from $50,000 to $100,000.

Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended.

Increase Charitable Giving

The CARES Act has expanded charitable contributions to include above-the-line deduction for charitable contributions, plus the limited on charitable contributions are changed.

Help Small Businesses Recover and Keep Staff

The CARES Act is also providing relief and incentives to small business owners during the coronavirus shutdown. $350 billion is being dedicated small businesses to aimed to prevent layoff and business closures while workers have to stay at home during the coronavirus pandemic.

Companies with 500 employees or less that maintain their payroll during the coronavirus shutdown can receive up to 8 weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used to cover payroll costs, interest on mortgage obligations, rent, and utilities will be forgiven.

Expanded Tax Benefits Under the CARES Act

Under the Tax Cuts and Jobs Act, net operating loss rules have been modified. The 80% rule is lifted and losses can now be carried back five years.

Interest Expense Limitations are increased to 50% from 30% for tax years beginning in 2019 or 2020. Taxpayers have options calculating their interest limitation using their adjusted taxable income for 2020 or 2019.

The excess loss limitation rules for pass-through entities are suspended.

Corporate Relief Under the CARES Act

Large corporations will be able to receive loans, loan guarantees, and other investments overseen by a Treasury Department inspector general. The loans cannot exceed five years and cannot be forgiven.

Airlines will receive $50 billion of the total $500 billion allotted to corporations in the CARES Act. $8 billion is being allotted to cargo air carriers.

Hospital and Health Care Support and Training

$100 billion will be given directly to hospitals. Another $40 billion will be dedicated to providing personal and protective equipment for health care workers, testing supplies, training, and other health-related investments.

All testing and potential vaccines for COVID-19 will be covered at no cost to patients.

Funds Allocated to States and Local Governments Under CARES Act

State, local, and tribal governments will receive $150 billion from the CARES Act for disaster relief, educational institutions, and transit programs.

Supports Agriculture

The CARES Act increases the amount the Agriculture Department can spend on its bailout program by $20 billion.

us-cares-act-benefits-covid-19-families-small-business

Key Benefits of the CARES Act for Americans

The CARES Act was signed into law March 27, 2020 and this is what it means for Americans who have been negatively affected by the coronavirus shutdown.

Here’s more on Metroplex Social:

  • Small Business Administration Loan Info for Those Who Have Suffered An Economic Loss Due To COVID-19 Shutdown
  • How To Work From Home And Actually Get Stuff Done
  • DENTON COUNTY Stay At Home Order
  • DALLAS COUNTY Shelter In Place Order
  • TARRANT COUNTY Stay At Home Order
  • COLLIN COUNTY Safe At Home Order

Let us know what you think by leaving a comment below!

Follow and tag us on social media @metroplexsocial for a chance to be featured.

Share
Tweet
Pin
16 Shares

Category: Business Advice, CARES Act and PPP, Coronavirus COVID-19, Featured, Local News, Money Saving TipsTag: american, cares act, coronavirus, covid 19, families, sba, small business, small business administration, stay at home, stuck at home

About Allie

Hi, I’m Allie! A pioneer in viral storytelling, I've been helping local, national, and global brands since 2008. I’ve worked with hundreds of local business owners, PR professionals, and marketers. I've been featured on CBS, the Dallas Morning News, and various online publications. Born in Dallas, raised in the DFW metroplex.. I'm not afraid to speak my mind. You can email me at [email protected]

Sign up. Get more. Do more.

Weekly updates to your inbox. Because you want to see what's out there.
Previous Post: «collin-county-tx-stay-at-home-order-covid-19 Here’s Everything You Need To Know About Collin County Stay At Home Order
Next Post: Governor Abbott Just Closed Texas Schools Through May 4: Here’s What You Need Know abbott schools closed in texas may 4 what to know»

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Primary Sidebar

Trending News

Here’s All The Virtual Tours Available That Are Totally FREEHere’s All The Virtual Tours Available That Are Totally FREE8K Shares
Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?5K Shares
Big Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The FaceBig Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The Face4K Shares

Restaurants Offering CURBSIDE + DELIVERY

Featured

  • restaurants-uptown-dallas-curbside-delivery-covid-19
  • list-restaurants-garland-stuck-at-home
  • list-restaurants-lewisville-stuck-at-home
  • list-restaurants-mckinney-stuck-at-home
  • list-restaurants-plano-tx-coronavirus-stuck-at-home-2
  • what-to-do-if-you-get-coronavirus-covid-19
    What To Do If You Get Coronavirus According To The CDC
  • work from home
    Work From Home TIPS
  • how to make hand sanitizer
  • how-to-make-baby-wipes-diy-3
  • dfw schools closed to due coronavirus
    List of DFW Schools CLOSED Due To Coronavirus (COVID-19)

Search Metroplex Social

Sign up. Get More. Do More.

Weekly updates to your inbox. Because you want to see what's out there.

Trending Stories

Here’s All The Virtual Tours Available That Are Totally FREEHere’s All The Virtual Tours Available That Are Totally FREE8K Total Shares
Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?Who Is Shelley Luther The Dallas Salon Owner That Decided To Reopen During A Global Pandemic?5K Total Shares
Big Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The FaceBig Companies Got Loans Meant For Actual Small Businesses And It’s A Slap In The Face4K Total Shares
Dream Park is the New Fort Worth Playground Everyone is Talking AboutDream Park is the New Fort Worth Playground Everyone is Talking About3K Total Shares
This Hidden Croatian Village in McKinney TX Will Make You Feel Like You’re In EuropeThis Hidden Croatian Village in McKinney TX Will Make You Feel Like You’re In Europe2K Total Shares
Why Fossil Rim Wildlife Center Should Be On Your Summer Must Do ListWhy Fossil Rim Wildlife Center Should Be On Your Summer Must Do List2K Total Shares
Gov Abbott Hinted At Keeping Alcohol To-Go Drinks In Texas ForeverGov Abbott Hinted At Keeping Alcohol To-Go Drinks In Texas Forever2K Total Shares
ENTIRE List Of Denton Restaurants Offering Curbside And Delivery Due To CoronavirusENTIRE List Of Denton Restaurants Offering Curbside And Delivery Due To Coronavirus1K Total Shares
You Can Take Your Photos In This Sea Of Sunflowers In North TexasYou Can Take Your Photos In This Sea Of Sunflowers In North Texas1K Total Shares
This Hidden Swimming Hole Near Fort Worth Will Let You Make a Splash All SummerThis Hidden Swimming Hole Near Fort Worth Will Let You Make a Splash All Summer1K Total Shares

Latest Local News

klyde warren park dallas fountain

Nancy Best Blew $10 MILLION On A Water Fountain In Dallas During A Global Pandemic

December 4, 2020

list holiday events in dallas

Here’s The Entire List 2020 Holiday Events In DFW

December 4, 2020

best holiday gift ideas dallas no batteries required

Here’s The Best Holiday Gifts That Don’t Require Batteries

December 4, 2020

dallas catering thanksgiving holiday christmas

These 4 Festive Holiday Recipes Will Help You Celebrate The Season

December 3, 2020

Footer

Recent News

klyde warren park dallas fountainNancy Best Blew $10 MILLION On A Water Fountain In Dallas During A Global Pandemic
list holiday events in dallasHere’s The Entire List 2020 Holiday Events In DFW
best holiday gift ideas dallas no batteries requiredHere’s The Best Holiday Gifts That Don’t Require Batteries
dallas catering thanksgiving holiday christmasThese 4 Festive Holiday Recipes Will Help You Celebrate The Season
top breweries in dallasHere’s The Top 19 Breweries In Dallas Fort Worth You Need To Visit This Year
snowday-in-dallas-holiday-escape-2020SNOWDAY In Dallas Lets You Have Your Own Holiday Escape!

Listen to the Good Morning Metroplex! Podcast!

Featured On

Fort Worth Star-Telegram

Texas Hill Country

Voyage Magazine

Life & Lana

Mamá Contemporánea

Kids Activities Blog

Sign up. Get More. Do More.

Weekly updates to your inbox. Because you want to see what's out there.
  • Local News
  • SEARCH Local
  • Submit a Story
  • Meet Our Team
  • Partnerships

Site Footer

  • Facebook
  • Instagram
  • Twitter
  • YouTube

Privacy Policy + Disclosure

Copyright © 2021 Metroplex Social · All Rights Reserved