North Texas Financial Expert Says 'Have A Plan' For COVID-19 Relief Money Headed Your Way
RICHARDSON, Texas (CBSDFW.COM) - President Donald Trump is expected to sign the Coronavirus Relief Bill Tuesday, Dec. 22 after it passed both the House and Senate.
The $900 billion measure will help those most impacted financially by the pandemic.
The legislation will provide direct payments to Americans depending on their income. It won't be as much as the relief earlier this year.
The government will send $600 for individuals making up to $75,000, and $1,200 for married couples who file jointly and make up to $150,000.
It's a sliding scale after that and will be phased out completely at $87,000 for individuals and $174,000 for couples.
The government will send $600 for each dependent child under the age of 17.
How much the government sends depends on your income on your 2019 federal income tax return.
"It all depends on if you already have a direct deposit setup," said Richardson financial planner Derrick Kinney. "If you set up with the last emulous package, a direct payment system with the government where they could easily add the money to your checking account. You buy get this next week."
Kinney advises people to have a plan for that money so it's not wasted and spent frivolously.
The government is also providing rental relief and is extending the eviction moratorium until Jan. 31.
This measure is set to help the 14 million Americans who say they're behind on their rent according to the Center on Budget and Policy Priorities.
In all, Congress is spending $25 billion for emergency rental relief.
Renters are eligible if they qualified for unemployment benefits.
Or if they lost income because of Covid-19 or have proof they are at risk of losing their home.
Dallas real estate attorney, Rachel Khirallah, says people should gather documentation and remember, they need to apply for the assistance. It's not automatic.
"Many tenants do not understand that this moratorium is not automatic," said Khirallah. "For example, just because you're a tenant. And just because there's COVID. And just because you're having problems paying your rent, does not mean that you're automatically entitled to this moratorium on the eviction."
Click here to apply.
Khirallah suggests when you submit to your landlord, have them initial it and make you a copy.
Khirallah also says the Texas Tenants Union is a good resource for renters. Congress also extended federal unemployment insurance.
One of the other major provisions of this nearly $900 billion bill is an extension in federal unemployment insurance.
It will provide an additional $300 weekly from the federal government on top what people receive from the state's unemployment.
This extra federal money will be extended for 11 weeks through March 14, 2021 for most people.
The benefit is also for independent contractors and workers in the gig economy.
One important note: unemployment insurance is taxable so financial expert Derrick Kinney says you should keep that in mind.
"If there's questions you've got always good to talk with your accountant or your tax advisor, but especially with the unemployment, always a good practice to set money aside for taxes," said Kinney. "That way you're not caught by surprise four months from now."
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