Economic Support during COVID-19
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides:
DIRECT FINANCIAL ASSISTANCE
- $1,200 in one-time payments to most adults making less than $75,000 per year, or $2,400 to most married couples making less than $150,000 per year
- An additional $500 per child under 17 years of age
- Reduced by $5 for each $100 a taxpayer’s income exceeds the income threshold with complete phaseout at $99,000 for individuals and $198,000 for joint filers
- These payments will be issued by the IRS via direct deposit and will be based on 2019 or 2018 tax return or 2019 Social Security statement.
- If someone has not filed a tax return in 2018 or 2019 and does not receive Social Security benefits, the IRS recommends filing a 2018 return to receive payment. If the IRS does not have the taxpayer’s bank account information, the taxpayer should look for a letter from the IRS detailing how to receive their payment
EXPANDED UNEMPLOYMENT INSURANCE
- The federal government is increasing state unemployment insurance payment rates by $600 per week for the next four months
- Many more Americans are now eligible to receive payments, including:
- Self-employed workers
- Independent contractors
- Gig workers
- Part-time workers
- Parents who must care for their out-of-school children
To apply for unemployment insurance in Illinois, file your claim on the Illinois Department of Employment Security website.
SMALL BUSINESS ASSISTANCE
- $377 billion provided to the Small Business Administration to help businesses with fewer than 500 employees -- including emergency grants, loans, and debt-forgiveness -- up to $10 million per business.
- Paycheck Protection Program that provides low-interest loans that could be forgiven if meeting certain requirements are met, such as employee retention
- $10 million in funding for $10,000 emergency disaster grants available in as few as 3-days for businesses needed immediate capital
- These resources are in addition to previously existing disaster loans. Learn more about how to apply on our “Help for Small Business” site.
- Federal Paycheck Protection Plan (PPP) for Small Businesses
- Small Business Guidance & Loan Resources
SUPPORT FOR HEALTH CARE SYSTEMS AND STATE & LOCAL GOVERNMENTS
- $200 billion investment in hospitals, health systems and health research, including for purchases of additional Personal Protective Equipment (PPE) and testing supplies.
- $150 billion for state and local governments on the front lines of the coronavirus response for the resources they desperately need during this emergency.