The next round of the CARES ACT Stimulus Bill was just passed, here is a quick rundown of what to expect. The internet has been ablaze with some of the most hilarious memes of what the next stimulus checks would look like. The government just passed the Bill December 21 that could arrive to bank accounts near you as early as next week (December 28th) Although the amount is less than the previous, we will be grateful and thankful (that’s all I got).
Here is what you need to know:
$600 stimulus is for single adults who make less than $75,000 a year (if you make over that amount your amount will be deduced $5 for each $100 over that amount)
Married couples will receive $1200 in total
Dependents will receive $600 (up $100 from the $500 given last time)
So a household of two parents and two child dependents would qualify for up to $2,400.
But that isn’t all!
-Unemployment aid will go up an extra $300 a week as well through March 14,2021.
- Social Security Recipients : will automatically receive $600 checks.
-Paycheck Protection Program (PPP) will be extended $284 Billion of FORGIVABLE loans. What I liked about this portion was the focus on very small businesses through the Minority Depository Institutions. So minority and women owned businesses, this is your time to make sure you have your affairs in order to get PPP Loan. (No scammers please)
Now I know all of us try to be responsible with our money, so this is just a friendly reminder to make sure to take care of your 4 Walls before going on weekly shopping sprees. Use the money to your advantage. Get ahead and not behind when March comes around. Create a plan of action aka a budget for the extra funds you will be receiving. Treat this money with care and watch it grow!
***Note everyone may not qualify these are just the guidelines to follow to be eligible.