Aid For Individuals
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Senator Tillis supported, provides a one-time rebate check that all Americans and U.S. residents can use however they see fit. This rebate has a maximum value of $1,200 for all single-filers and $2,400 for joint-filers, with an additional $500 available for each dependent under the age of 16.
For further information about program eligibility and frequently asked questions, click here.
The IRS will also continue updating their website with information as it becomes available, click here to be redirected to the IRS page with additional information about relief checks.
The Families First Coronavirus Response Act, which Senator Tillis supported, provides temporary paid leave to employees who cannot attend work due to coronavirus-related personal medical needs, caregiving needs, or childcare needs.
Coronavirus-Related Personal Medical Needs: North Carolinians who remain at home because they are seeking a diagnosis or are sick themselves are eligible for two weeks (ten days) of paid sick leave. Existing paid leave previously accrued by the employee can count towards these ten days. The sick leave benefit paid to the employee must replace all the employee’s wages, up to a maximum benefit of $511 per day.
Coronavirus-Related Caregiver Needs: Caregivers who remain at home to care for another individual who is sick are eligible to receive two weeks of paid leave as well. However, in this scenario, the employee is entitled to at least two-thirds of their wages or a maximum benefit of $200 per day.
Coronavirus-Related Childcare Needs: Individuals with a minor child are eligible for twelve weeks of paid family leave in the event of closure of the child’s school or childcare facilities. The initial two weeks (ten days) are unpaid, though the individual can utilize paid sick leave during this time. Following that, the individual is entitled to at least two-thirds of their wages or a maximum benefit of $200 per day.
Additional information on paid leave and other workplace matters can be found here.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Senator Tillis supported, provides $250 billion to expand unemployment benefits and cover more Americans during this crisis. Through the end of 2020, workers, including the self-employed and independent contractors, are all eligible for unemployment benefits, which are also temporarily increased by $600 per week from their typical benefit value. Additionally, the law increases the length of unemployment eligibility by an additional 13 weeks.
With the President recently signing the bill into law, agencies are now formulating and finalizing rules and guidance. I will keep North Carolinians updated once we receive more guidance and the final details on how the program will be administered.
The Department of Education implemented measures on March 20, 2020, to reduce the interest rate on all federally held student loans to 0% for at least the next 60 days. Fundamentally, this allows borrowers to hold off on making any payments on federal student loans for at least two months, without incurring any fees, fines, or additional interest. Additional information can be found here.
On March 20, 2020, the Department of the Treasury extended the federal tax filing deadline to July 15, a three-month extension. President Trump and Secretary Mnuchin are still advising individuals to file on time if possible, as many Americans will still benefit from a tax refund after filing.
Also, N.C. Department of Revenue (NCDOR) recently announced that they will extend the April 15 tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the announced deadline change from the Internal Revenue Service. Learn more here.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Senator Tillis supported, waives the 10% penalty for not taking the Required Minimum Distribution (RMD) from all 401(k)s and IRAs through the remainder of 2020. This ensures seniors are not required to sell off investments and pull money out of their retirement portfolios during a historically down market.
For a list of frequently asked questions regarding coronavirus, direct checks for hardworking North Carolinians, and information for business owners, visit the FAQ page on my website.