2020 CARES Act Assistance for Individuals

Below you’ll find some of the Assistance for Individuals included in the 2020 CARES Act.

Economic Impact Payments (Recovery Rebates for Individuals):

  • Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. 
  • For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. 
  • Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
  • Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
  • The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
  • For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
  • Per the IRS website, in the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
  • Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account.
  • Per the Act, nonresident alien individuals, individuals claimed as a dependent on another’s tax return, and an estate or trust are considered ineligible.
  • For more information visit the IRS’s newsroom website regarding these payments.

Expansion of unemployment benefits:

  • Alabama unemployment benefits are available to individuals who are unemployed through no fault of their own. If an employer must shut down operations and no work is available, individuals may be eligible for unemployment benefits. If an employer must lay off employees due to the loss of production caused by the coronavirus, individuals may be eligible for unemployment benefits.
  • New job seekers and workers who are able to continue working from home are not covered. 
  • The Act also expands unemployment insurance to cover those who are self-employed, freelancers, independent contractors, and “gig economy” workers.
  • The CARES Act also expands the list of allowable criteria for claiming unemployment compensation to include many reasons related to the COVID-19 public health emergency.
  • The CARES Act extends unemployment benefits for an additional 13 weeks. 
  • Between now and July 31, an additional $600 will be added to every unemployment compensation check, so no one will receive less than $600 per week. 
  • For more information visit the Alabama Department of Labor’s COVID-19 Resources website.

Healthcare Initiatives:

  • The Families First Coronavirus Act required that all private insurance plans cover coronavirus testing without deductibles, coinsurance, or co-pays. That bill also prohibited plans from using tools like prior authorization to limit access to testing. The CARES Act makes a technical correction to ensure that the policy covers all tests that meet the appropriate standards. Insurers also have to cover fees for visits to the ER, an urgent care center, or a doctor’s office associated with getting a test without cost sharing.
  • Private insurance plans are required to cover COVID-19 preventive services and vaccines without cost sharing fifteen days after such gets a favorable rating or recommendation from the United States Preventive Services Task Force or the Advisory Committee on Immunization Practices.
  • The CARES Act gives the Secretary of Health and Human Services (HHS) broad authority to allow more health care providers to provide telehealth services to Medicare beneficiaries, including in the beneficiaries’ homes to avoid potential exposure to COVID-19, and provide more flexibility in terms of how those telehealth services can be provided.
  • The CARES Act ensures that the vaccine itself and its administration is free to beneficiaries with Medicare Part B and those with Medicare Advantage who receive the vaccine from an in-network provider.
  • Under the CARES Act, during the COVID-19 Public Health Emergency (PHE) a senior on Medicare can get up to 90 days of a prescription if that is what the doctor prescribed, as long as there are no safety concerns. Medicare drug plans will also allow beneficiaries to fill prescription early for refills up to 90 days, depending on the prescription.
  • For more information contact your insurance provider or Medicare

Student Loan Relief & Work Study Expansion:

  • All federal loan and interest payments are deferred through September 30, 2020, without penalty. Starting August, student loan borrowers will receive notices to help inform them that their regular loan payments and interest accrual will resume after September 30, 2020. Commercially-held FFEL loans and Perkins Loans are not eligible, and private student loan borrowers are also not eligible. Contact your financial aid office and/or lender for more information.
  • Students who received a Pell Grant or subsidized student loan will not have those types of financial aid counted toward their lifetime limits. Contact your financial aid office and/or lender for more information.
  • Relief also exists for students who must drop out of school due to COVID-19. Contact your financial aid office and/or lender for more information.
  • The Act allows that institutions of higher education participating in the qualifying Work-Study program may make payments under such part to affected work-study students, for the period of time (not to exceed one academic year) in which affected students were unable to fulfill the students’ work-study obligation for all or part of such academic year due to such qualifying emergency with certain provisions. Contact your Work-Study institution of higher education for more information.

The Act also has provisions for Emergency Paid Sick Leave which is not covered on this website.

Please note that this information was compiled from several reliable sources. The City of Troy does not guarantee the accuracy of all of this information and does not guarantee eligibility and/or approval of any of these resources. Please contact your accountant, financial institution, the IRS, or other source noted herein for more information.

Please note that this list does not contain all support and provisions of the CARES Act, all information of how it pertains to each individual, business, or organization, or all information on application of the support noted herein. For a copy of the entire Act click HERE

Also be sure to check www.troyal.gov/coronavirus for additional information on the City’s COVID-19 response and resources available to residents and businesses during this public health crisis.

We know this is an unprecedented time. We thank you for your support as we work to get us all safely to the other side of this.

Additional Links

                      

Additional Documents

Listing files in 'CARES Act'