With the coronavirus outbreak continuing to impact our lives, I know you may be feeling overwhelmed. As a reminder, my office recently launched a new page on my website (allen.house.gov/covid-19) with information about the coronavirus and resources available to help you and your family navigate these unprecedented times.
This week, Governor Brian Kemp issued a Georgia Shelter in Place Executive Order. Beginning today, Friday, April 3, 2020 at 6 p.m. through April 13th, residents are required to shelter in place unless conducting “essential services.” Georgians are allowed to leave the home to buy groceries, purchase medical equipment, go outside to exercise, head to doctor’s appointments, or travel for work at businesses or nonprofits that comply with other restrictions. Additionally, all schools will remain closed for the remainder of the 2019-2020 school year. More information is available here.
Congress has now passed three pieces of legislation related to the coronavirus that I supported to get resources directly to Georgia. The most recent bill, known as the CARES Act, is the most important in terms of direct relief for families, businesses, and hospitals. Specifically, there are two provisions I want to highlight.
Economic Impact Payments:
This bill will directly help you and your family through an economic impact payment, or a one-time tax rebate check. For those who qualify, these checks will amount to $1,200 per individual – or $2,400 per couple – and $500 per eligible child. As long as you have a valid Social Security number, you can receive the credit. Workers, those receiving welfare benefits, Social Security beneficiaries, and all others are eligible.
Georgians are eligible to receive the full amount if your income is less than $75,000 for individuals, $112,500 for head of household, and $150,000 for married couples – the rates are reduced for higher income earners. This phases out completely at $99,000 for individuals and $198,000 for married couples.
The IRS will calculate and automatically send the economic impact payment to those eligible, depositing it directly into the same bank account used on your most recently filed tax return. If you have not provided direct deposit information to the IRS, Treasury plans to develop a website where you can provide banking information so you can receive payments immediately, as opposed to checks in the mail. For those who are not required to file taxes, such as senior citizens and Social Security recipients, the IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate payments. The IRS will update this website with key information as it becomes available: https://www.irs.gov/coronavirus.
Secretary Mnuchin announced this week that he expects the first payments will be directly deposited into taxpayers' bank accounts, "within two weeks."
Paycheck Protection Program:
A large portion of the CARES Act was dedicated to the creation of the new Paycheck Protection Program, a program that sets aside $350 billion in government-backed loans and creates a type of emergency loan that can be forgiven when used to maintain payroll for 8 weeks. It expands the network of SBA backed loans so that more banks, credit unions and lenders can issue those loans.
The Paycheck Protection Program offers loans for small businesses with fewer than 500 employees, select types of businesses with fewer than 1,500 employees, 501(c)(3) non-profits with fewer than 500 workers and some 501(c)(19) veteran organizations. Additionally, the self-employed, sole proprietors, and freelance and gig economy workers are also eligible to apply. Businesses, even without a personal guarantee or collateral, can get a loan as long as they were operational on February 15, 2020.
The Treasury Department and Small Business Administration (SBA) issued new and final regulations about the Paycheck Protection Program, which officially launched today. For more information about this program, here are some important links:
Please do not hesitate to contact my office if you need assistance during this time. You can email me HERE, contact any of our offices or join the conversation on Facebook, Twitter or Instagram.
We are in this together.
Sincerely,
Rick Allen
Member of Congress |
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