Care Act Guide – Individuals Benefits

Care Act Guide – Individuals Benefits

  • The stimulus check for all US Citizens and legal residents (Economic impact payment)
  • Paid Sick Leave
  • Paid Family Leave
  • Student Loan help
  • The additional help/ money in the unemployment
  • The ability for independent Contractors to apply for unemployment
  • Increases the maximum 401(k) loan that may be taken from a 401(k) account to $100,000 (formerly $50,000)
  • Enhanced loan availability and relief for outstanding loan repayments
  • Waived early withdrawal penalty
  • Waived Required Minimum Distribution (RMD) for 2020 calendar year
  • Waived early withdrawal penalty

Stimulus Payments for all individuals

All people with social security are expected to receive stimulus payment in cash directly from the IRS as seen from the table below.

Criteria Stimulus Amount Income level limitations Basis of the payment How would you receive the payment
Single person making $75K or less $1,200 Amount is reduced above $75 and phases out at $99k 2019 Adjusted gross income (Line 8b. on form 1040 on personal return). You will receive the money directly in your bank account with the IRS.
Married couple making $150K or less $2,400 Amount is reduced above $150K and phases out at $198K 2018 Return if you have not filed 2019. If the IRS does not have your account info, call the number on the notice you will receive from the IRS
Each child under 16-year-old $500 Make sure you have one of these 2 returns filed.
Scroll to Top