2020 Stimulus Package

What Does The 2020 Stimulus Package Include?

For Individuals

  • The stimulus check for all US Citizens and legal residents (Economic impact payment)
  • Paid Sick Leave
  • Student Loan help
  • The additional help/ money in the unemployment + additional time of 13 weeks
  • 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

For Companies

  • First was that PPP which is that payroll program and that helps people keep the employees
  • Also that disaster loan which was open until just a few days ago, that was also a great help some companies that suffered greatly from COVID-19
  • You also have the regular SBA products which can be used to obtain funding to help companies stay in business during this time
  • We will be talking in detail about each of these programs light what we have to all understand that unlike any other time things are changing almost on weekly basis and sometimes things are changing multiple times a week
  • This of course have created a lot of anxiety and lack of direction for both individuals and companies, and it also made it difficult for professionals to advise people timely in accurately because things are changing. However, what is comforting is there’s be a and the government in general is figuring this out as we go and there are some corrections made to fix some of the loopholes and the disadvantages of these programs

For Independent Contractors

  • Unemployment insurance claims
  • They can apply for PPP if they have employees that they want to keep
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