Coronavirus Resource Guide

CORONAVIRUS RESOURCE GUIDE FROM THE OFFICE OF CONGRESSMAN FRED UPTON

What Small Businesses Should Know About The Coronavirus Stimulus Bill

• o o

o • •

• o o o • o •

Information courtesy of Small Business Committee Republicans.

Sign-up for Fred’s “Kitchen Table” email updates

www.Republican-SmallBusiness.house.gov

www.Upton.House.Gov/Contact

CORONAVIRUS RESOURCE GUIDE FROM THE OFFICE OF CONGRESSMAN FRED UPTON

What Small Businesses Should Know About The Coronavirus Stimulus Bill

Information courtesy of Small Business Committee Republicans.

Sign-up for Fred’s “Kitchen Table” email updates

www.Republican-SmallBusiness.house.gov

www.Upton.House.Gov/Contact

Information courtesy of Small Business Committee Republicans.

Sign-up for Fred’s “Kitchen Table” email updates

www.Republican-SmallBusiness.house.gov

www.Upton.House.Gov/Contact

CORONAVIRUS RESOURCE GUIDE FROM THE OFFICE OF CONGRESSMAN FRED UPTON

Frequently Asked Questions on direct financial assistance Q: How much money will I get?

This comes in the form of a one-time tax rebate check of $1,200 per individual and $500 per child. The full rebate amount is available for those with incomes at or below $75,000 for individuals,$112,500 for head of household, and $150,000 for married couples.

If you made more than $75,000, your payment will be reduced by $5 for every $100 of income that exceeds the limits. The payment decreases to zero for an individual making $99,000 or more or a couple making $198,000 or more.

If you’re a family of four, you’ll be eligible for a maximum of $3,400.

Q: When is the money coming?

The Treasury Secretary has said the checks will be available in two to three weeks.

Q: How will it be sent?

If you’ve gotten a tax refund in the last two years by direct deposit, the money will be deposited in your bank account direction. If not, you will receive your check in the mail.

Q: How does the government calculate how much I earned?

If you filed your 2019 taxes, the Treasury will base the size of your check on your 2019 return. If you have not yet filed - remember the deadline has been moved to July - it will be based on your 2018 return.

Q: I’m on Social Security and don’t make enough to file a tax return. Will I get a check?

Yes. Even if you didn’t file a tax return for 2018 or 2019 or pay taxes in those years, you will be eligible if you received a Form SSA-1099 for the year 2019. That’s a form that the Social Security Administration sends each year to people who receive Social Security benefits, including retirement and disability.

Q: I’m a disabled vet but don’t pay taxes. Do I qualify?

Yes Q: I’m not an American citizen. Do I qualify?

Yes — as long as you have a Social Security number. That generally includes green card holders and those on work visas, such as an H-1B and H-2A. Q: Are the cash payments taxable?

No.

upton.house.gov | www.Coronavirus.gov

CORONAVIRUS RESOURCE GUIDE FROM THE OFFICE OF CONGRESSMAN FRED UPTON

What Education Professionals Should Know About The Coronavirus Stimulus Bill 1 2

DEPARTMENT OF EDUCATION: $30.9 billion Education Stabilization Fund: Flexible funding that will get out the door quickly and go directly to states, local school districts, and institutions of higher education to help schools, students, teachers, and families with immediate needs related to coronavirus, including: ELEMENTARY AND SECONDARY EDUCATION: $13.5 billion in formula funding directly to states, to help schools respond to coronavirus and related school closures, meet the immediate needs of students and teachers, improve the use of education technology, support distance education, and make up for lost learning time.

Allows the Department of Education to waive various requirements related to assessments, accountability, and reporting requirements.

3

HIGHER EDUCATION: $14.25 billion for direct grants to higher education institutions, with priority given to schools with a high number of Pell Grant recipients and that were not enrolled in distance education before the outbreak.

It would allow the continuation of work-study payments even if the student is unable to work. If a student had to drop out during the current term, they don’t have to pay back pell grants and would not count toward their federal Pell Grant limits and consideration for subsidized loans.

It would suspend monthly payments on federally-held student loans through September, with no interest accruing during suspension, but continue to count these months towards requirements for federal loan forgiveness program.

4

STATE FLEXIBILITY FUNDING: $3 billion in flexible formula funding to be allocated by states in the form of subgrants to individual schools based on the needs of their elementary and secondary schools and their institutions of higher education.

5

Project SERV: $100 million in targeted funding for elementary and secondary schools and institutions of higher education to respond to the immediate needs of coronavirus and the effect on students (clean and disinfect schools, counseling, and distance learning).

ADDITIONAL RESOURCES TO KNOW: • • • • • •

State of Michigan Helpline: 1-888-535-6136 CDC: www.coronavirus.gov The state of Michigan’s coronavirus website: www.michigan.gov/coronavirus Local resources: www.mi211.org Unemployment Insurance: www.michigan.gov/leo Small Business Administration: www.sba.gov

upton.house.gov | www.Coronavirus.gov

CORONAVIRUS RESOURCE GUIDE FROM THE OFFICE OF CONGRESSMAN FRED UPTON

What Families & Individuals Should Know About The Coronavirus Stimulus Bill 1

DIRECT FINANCIAL ASSISTANCE FOR INDIVIDUALS: This comes in the form of a one-time tax rebate check of $1,200 per individual and $500 per child. The full rebate amount is available for those with incomes at or below $75,000 for individuals,$112,500 for head of household, and $150,000 for married couples. Eligibility for checks from the IRS will be based on 2018 and 2019 returns and available in two to three weeks after enactment.

2

ENHANCED UNEMPLOYMENT INSURANCE: The bill makes benefits more generous by adding a $600/week across-the-board payment increase through the end of July. In addition, for those who need it, the bill provides an additional 13 weeks of benefits beyond what states typically allow. The bill also makes sure selfemployed and independent contractors, like Uber drivers and gig workers, can receive unemployment during the public health emergency.

3

SUPPORTING SMALL BUSINESS OWNERS: The bill creates a “paycheck protection program” for small employers, self-employed individuals, and “gig economy” workers. The “Paycheck Protection Program” would provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven. This proposal would be retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls.

4

PROVIDING RELIEF FOR STUDENT LOANS: The bill provides direct financial relief to many student loan borrowers by pausing their monthly repayment requirements for six months with no penalty.

ADDITIONAL RESOURCES TO KNOW: • • • • • •

State of Michigan Helpline: 1-888-535-6136 CDC: www.coronavirus.gov The state of Michigan’s coronavirus website: www.michigan.gov/coronavirus Local resources: www.mi211.org Unemployment Insurance: www.michigan.gov/leo Small Business Administration: www.sba.gov

upton.house.gov | www.Coronavirus.gov

CORONAVIRUS RESOURCE GUIDE FROM THE OFFICE OF CONGRESSMAN FRED UPTON

What Small Businesses Should Know About The Coronavirus Stimulus Bill

Information courtesy of Small Business Committee Republicans.

Sign-up for Fred’s “Kitchen Table” email updates

www.Republican-SmallBusiness.house.gov

www.Upton.House.Gov/Contact

Information courtesy of Small Business Committee Republicans.

Sign-up for Fred’s “Kitchen Table” email updates

www.Republican-SmallBusiness.house.gov

www.Upton.House.Gov/Contact