FEDERAL GOVERNMENT STIMULUS

Unemployment Insurance Expansion

• Expands access to unemployment benefits to part-time, self-employed, and gig economy workers. 
• Increases the weekly benefit amount for each person collecting benefits by $600 a week for the next 4 months. 
• Extends benefits for an additional 13 weeks beyond the current maximum benefit period.

The language in the law is expansive with regard to who will be eligible. But the Maine Department of Labor has requested that self-employed people and others who have not paid into the unemployment insurance system hold off on applying until the expanded benefit is actually the law and a system is set up to accept their applications. That will help prevent claims from getting hung up in the unemployment computer system in a way that might delay the ability to claim self-employed benefits once the law is implemented. 

The CARES Act

For Individuals/Employees: 
The Act includes direct payments to individuals, with the following qualifications:
$1200 for individuals making less than $75,000/year and $150,000 for couples.

Those making more than these amounts (up to $99,000 for individuals and $198,000 for couples) will see a reduction in the payment. 
For every qualifying child age 16 or under, the payment will be an additional $500. 

If you filed a tax return in 2019 or 2018, no action is required. If you did not file a tax return in 2018 or 2019, you should file for 2019 as soon as possible. Find more info from the IRS HERE.

Individuals receiving unemployment benefits will be eligible for up to an additional $600 per week on top of state unemployment insurance. This added benefit will be available for up to 4 months.

Student Loan Relief
The bill suspends payments on federal student loans for 6 months and ensures that interest does not accrue during that period.