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Millions of Americans are still struggling with changes to their work hours and incomes. In response, many banks and credit unions are offering some relief, like waiving certain fees or granting expedited services. Although not listed below, community banks may offer an even stronger support system to those financially impacted.
Most American taxpayers can also expect more support to head their way, thanks to a third government stimulus check of up to $1,400. Designed to provide much-needed financial relief to the millions of individuals affected by the coronavirus pandemic, the three economic impact payments thus far throughout the pandemic total $3,200 for those who have received the maximum amounts.
We will continue to update this page regularly as new information becomes available.
On March 11, 2021, President Biden signed the third relief package, which is designed to help consumers and businesses stay afloat as the COVID-19 crisis continues to cripple the economy. The approximately $1.9 trillion relief bill includes one-time payments of up to $1,400, extended unemployment insurance, an expanded child tax credit and rental assistance.
Below are details on the key components included in the bill.
Included in the relief package are one-time, direct payments — called “Economic Impact Payments” — similar to those distributed in 2020. However, the most recent round of direct payments differs in the amount distributed and who is eligible.
The relief bill’s direct payments include:
Payments start for individuals who earn $75,000, $112,500 for heads of household and $150,000 for married couples who filed jointly. The payments completely phase out for individuals without children who made $80,000 or more, for heads of household earning $120,000 and for married couples making $160,000. Eligibility will be based on either 2019 or 2020 tax returns, depending on whether you have filed for 2020 yet and if the IRS has processed your return.
A notable change is that this time around, adult dependents are eligible for payments. Direct payments will again be available to mixed-status households (in which a family member does not have a Social Security number), expanding the relief to immigrant families.
The new relief package includes an expanded unemployment insurance benefit of an additional $300 per week for all workers receiving unemployment benefits. This provision expires on Sept. 6, 2021.
The first $10,200 in unemployment payments are nontaxable for households with incomes under $150,000.
The bill temporarily expands the child tax credit (which taxpayers may claim if they have a qualifying child under age 17) for the 2021 tax year. The credit starts at $3,000 for children ages six to 17, and $3,600 for children under the age of six. This amount decreases for couples earning over $150,000 and individuals earning over $75,000 per year.
Eligible families will receive monthly payments from July through the end of the year.
The bill will provide further rental assistance for families affected by the crisis who are struggling to pay their rent or have missed rent payments. These funds can be used for past-due rent, future rent payments and energy and utility bills. However, this bill does not extend the eviction moratorium.
Alliant Credit Union does not currently have a COVID-related information page available on its website. However, according to an Alliant representative, the credit union is working with members on a case-by-case basis to remove deposit-related account fees.
Online-only Ally Bank has scaled back its initial COVID-19 relief plan. Ally Bank deposits customers can benefit from refunded excessive transaction fees on savings or money market accounts.
Transfers and online payments remain uninterrupted. Plus, Ally Bank has made it faster to deposit checks of $50,000 or less online with Ally eCheck deposit. You can still use mobile deposit via the Ally Mobile app.
American Express has not released any specific COVID-19 relief plans to help its Personal Savings banking customers at this time.
Customers of the online-only bank can continue to access their accounts online. They can also call customer service at 1-800-446-6307 — just beware that wait times may be longer than usual.
Bank of America’s COVID-19 response is to urge customers who are facing financial hardship to contact a representative to request refunds for fees on overdrafts, non-sufficient funds and monthly maintenance. Customers may also use the bank’s virtual assistant, Erica, to get answers to any questions, including those that are coronavirus-related.
Bank of America also encourages its customers to turn to mobile and online banking first, both of which allow you to check your account status, pay bills and deposit checks.
Many Bank of America financial centers are temporarily closed, while others operate at reduced hours or alternate days of operation. It helps to check a Bank of America financial center’s hours or confirm which branches offer drive-thru ATMs or tellers or video conferencing. Branches have “enhanced, daily cleanings” and “other measures to limit the risk of exposure, based on guidelines from the Centers for Disease Control and Prevention (CDC).” Both employees and customers are required to wear masks when inside a branch.
BBVA has dialed back its relief offerings related to COVID-19 hardship. Banking customers can request overdraft fee refunds by calling 1-844-228-1872.
Select BBVA locations are reopening lobbies with provided hand sanitizer, signage and floor markers for social distancing, plexiglass shields and enhanced cleaning. No more than five customers at a time are allowed inside a branch, and BBVA bankers will wear masks and gloves. Customers are also required to wear face coverings. The bank asks that customers use the drive-thru if experiencing symptoms or believe they have been exposed to the coronavirus.
Banking center lobbies that have not fully reopened may still be accessed via appointment by calling your banker or banking center. BBVA Online Banking and the BBVA Mobile Banking App are also available to you 24/7.
BMO Harris doesn’t provide specific relief or avenues of support for its deposit account customers under its financial relief program. You can call the bank’s Customer Contact Center at 1-888-340-2265.
BMO branch lobbies are open again and subject to occupancy limits, although you may want to double check the status of your branch before visiting.
In response to the coronavirus pandemic, Capital One asks that customers who are facing financial difficulties contact the bank. Note that customer service wait times may be longer than usual right now.
Capital One branches may be closed or operating at modified hours of operation. The majority of branches are also operating behind protective glass or through drive-up windows. It helps to double check the status of your Capital One branch to know what to expect before visiting. Capital One also strongly encourages its customers to use the Capital One mobile app or online banking to make payments, check balances and deposit checks.
Charles Schwab has no specific measures in place to provide relief aid to its banking customers amid the coronavirus outbreak.
Select Schwab branches are reopening, and many are open by appointment. You can still contact a branch directly by phone to reach a representative. Schwab also encourages customers to go digital by completing tasks online or via its mobile app, which includes check-depositing capabilities.
In light of the pandemic, Chase Bank customers are encouraged to use the Chase Mobile app and online banking to complete their account-related tasks. Chase asks that those who need help because of COVID-19 reach out to a representative, though you may experience wait times that are longer than usual.
Most Chase branches are now open during normal business hours although you may want to check a branch’s status online or on the Chase Mobile app. Chase branches and ATMs are being cleaned with EPA-approved disinfectants and branches now include plexiglass dividers and hand sanitizer. Chase asks customers to wear masks, maintain six feet of distance and stay home if you’ve been in contact with someone with COVID-19 or are feeling sick.
On a wider scale, JPMorgan Chase pledged $50 million to nonprofit organizations to help support “healthcare, food and other humanitarian relief” efforts globally; community partners; and small businesses in the U.S., China and Europe.
Citibank has rolled back its initial pandemic aid measures. For non-Citibank ATM fees and monthly service fees charged between March and December 2020, Citibank customers can request a refund within 180 days after the fee was charged.
Citibank also asks that those affected by COVID-19 contact the bank for assistance, although wait times may be longer than usual. If you already work with a personal banker or financial advisor through Citibank, you can contact them directly during their regular business hours.
Most Citibank branches are operating at normal hours again, while some others that were temporarily closed have now reopened. Open branches are undergoing “daily cleaning procedures … on high-touch surfaces,” providing hand sanitizer and practicing CDC recommendations like social distancing. You can also access your accounts and funds via the Citi Mobile app, the Citibank website and Citi ATMs on a 24/7 basis.
Starting March 1, 2021, Citizens Access will no longer automatically rebate any early withdrawal penalties assessed on its CD products. However, you can call the bank’s Customer Service team at 1-888-201-6505 to close your CD after March 1 and notify them if you need the early withdrawal penalty waived due to hardship. Closing a CD online will automatically apply the penalty.
Citizens Access Customer Care can be reached over the phone Monday through Friday from 8 a.m. to 10 p.m.; Saturday from 9 a.m. to 3 p.m.; and Sunday from 10 a.m. to 3 p.m. EST. You can also send a secure message within your account at any time, and expect a response within one to three days. Wait times on the phone may be longer than usual.
As Citizens Access has no physical branches, you can always access your account online, both on desktop and your mobile browser. The bank does not have a mobile app.
Citizens Bank no longer offers any pandemic-related relief to its deposit account customers. Customers with checking, savings and CD accounts can call customer service for assistance at 1-800-922-9999 Monday through Friday from 7:00 a.m. to 10:00 p.m. and Saturday and Sunday from 9:00 a.m. to 6:00 p.m. local time. If you want to open a new account over the phone, you can call 1-877-360-2472.
Citizens Bank branches remain open, but hours may vary by state and region. Branches now have enhanced maintenance and cleaning practices.
Digital Federal Credit Union offers an extensive financial relief program, which is available to its members in any financial rut, not just during this pandemic. Until further notice, DCU is offering unlimited ATM fee reimbursements, forgoing all overdraft and nonsufficient funds fees and waiving all certificate withdrawal penalties. Those who need to borrow money during this time may take out a personal loan from DCU, which won’t require payments for 60 days on loans opened after March 25, 2020.
All DCU branch lobbies are open by appointment only, though some branches remain open through their drive-up teller windows, which can help you with normal transactions and are open at normal hours. You can check your branch status and hours here.
Otherwise, you can access your account 24/7 via online banking and the DCU mobile app. You can also send an email for non-urgent requests, which are typically answered in two business days, or you can call customer service, though it is currently experiencing extremely high call volumes that may result in much longer wait times.
Discover has “support in place for qualified Discover customers who experience hardship” due to the coronavirus pandemic. Although it is unclear what qualifies customers to receive this support, a Discover representative adds that “Discover customers may receive assistance related to payments, fees and interest.”
Discover Online Banking customers can call 1-800-347-7000 (TTY/TDD 1-800-347-7454) any time to reach a Discover representative for assistance. You also can continue to access your accounts online or via the Discover mobile app.
Fifth Third Bank deposit account customers can request hardship assistance through online banking or by calling 1-800-972-3030 during business hours.
Fifth Third branches are reopening; you can check your branch’s status here. Fifth Third will implement enhanced cleaning and safety measures including clear panels at teller lines, floor markers, fewer teller lines and masks on employees. Fifth Third also asks that you bring your government-issued photo ID when visiting a branch.
You can still schedule a phone or in-branch appointment or visit a branch’s drive-thru window for simple transactions. For most other services, like checking balances or ACH transfers, you can use the bank’s website or mobile app.
Customers of Marcus by Goldman Sachs can make penalty-free withdrawals from regular CDs at this time, as a direct response to COVID-19. You can do so by calling 1-855-730-7283. Marcus contact centers are operating virtually, with temporary hours of 9 a.m. to 6 p.m. ET Monday through Friday and 9 a.m. to 6 p.m. ET on Saturday and Sunday.
You can still access your Marcus accounts online. Apple device users can also benefit from the Marcus mobile app.
Select KeyBank customers “may be eligible for immediate help,” which can include “waiving certain service charges on KeyBank checking and savings accounts.”
Almost every KeyBank branches is fully open, and masks are required while at a branch. The bank recommends high-risk customers set up an in-branch banking appointment, bank online and on mobile or call your branch. Branches will have hand sanitizer, plexiglass barriers at teller windows and desks, floor markers for social distancing and masks on team members.
Customers can call KeyBank’s 24/7 customer service line at 1-800-539-2968 for assistance, though be aware that there are currently longer hold times than usual.
During this time, Navy Federal Credit Union increased its daily mobile deposit limit to $50,000 and its daily limit on non-Navy Federal ATMs to $1,000 (the $1,000 daily limit on Navy Federal ATMs remains).
Members with NFCU OOPS overdraft protection can request a refund for the $20 overdraft fee charged and for non-sufficient fund (NSF) fees by sending a secure message through your account.
Navy Federal branches are operating either on a full-service, limited-service, limited-cash-service, expedited-service, drive-thru or curbside-only basis. You can check the status of your local branch here or on the Navy Federal Mobile app, where you can also find accessible ATMs. All Navy Federal members are required to wear a face covering inside a branch. Branches have increased disinfectant and social distancing practices in place.
PenFed Credit Union is not offering specific relief measures for its deposit account members in response to the COVID-19 crisis.
PenFed is taking “additional measures to sanitize” its financial centers. You can check your center’s status online on the bank’s locations page. You also can access your accounts for several services online and on the PenFed mobile app.
PNC Bank customers who are experiencing financial hardship as a result of COVID-19 should call 1-888-762-2265, which is available 7 a.m. to 5 p.m. ET Monday through Friday and 8 a.m. to 5 p.m. ET on Saturday and Sunday. Virtual Wallet customers may call 1-800-352-2255, available during the same hours.
If you are eligible for assistance, a PNC representative will discuss your options with you, which include waiving or refunding fees on deposit accounts (and other products). Qualified customers can also take out an emergency hardship loan “at a low rate.” PNC did not make it clear how it determines eligibility for assistance, but it stressed that customers should call for help.
Nearly all PNC branch lobbies have reopened; you can check the status of your branch here. You can still use the bank’s drive-thru and appointment services. Open branches will have clear panels at teller lines and in offices, floor markers and heightened cleaning processes. Customers and PNC employees are required to wear a face covering when visiting a PNC branch. PNC is also still widely accessible via online, mobile and voice banking.
State Employees’ Credit Union does not have specific relief plans in place for its deposit account customers, although its loan customers can seek assistance in light of the coronavirus pandemic. Members can contact a representative through a secure message when logged into their account, by calling your local branch or by calling 24/7 Member Services at 888-732-8562.
SECU branches are back open for in-person service, although the credit union encourages members to continue to use drive-thru, online, mobile and telephone services when possible. SECU will limit the number of individuals allowed in a branch at one time and will require both employees and members wear a face covering while in a branch. Branches also have floor markings for social distancing, acrylic shields, sanitizer, gloves and regularly scheduled cleaning.
TD Bank’s coronavirus-related assistance options will depend on your situation and request but may include fee refunds, early, penalty-free access to CDs and payment extensions. The bank’s customer assistance offers continue to evolve as well, according to a bank representative. TD Bank encourages customers affected by COVID-19 to call 1-888-751-9000 to see how the bank can support you.
Most TD Bank branches are expanding their hours, as well as services at drive-thrus. Branches will have virtual check-in, which will require you to wait outside or in your car until it’s your turn. Branches will also allow fewer customers in the store at a time, social distancing stickers, plexiglass screens, hand sanitizer and required face coverings for both workers and customers.
TD Bank ATMs are still accessible, as is its website and banking app.
TIAA Bank has ended its coronavirus relief response for its deposit account customers.
TIAA Bank financial centers have all moved to drive-thru tellers only. Those that don’t have a drive-thru window will see clients through appointment only. You can set up an appointment by calling your local financial center.
You may also easily manage your TIAA Bank accounts online and through the TIAA mobile app. To speak with a representative, banking customers may call 1-888-882-3837 from 8 a.m. to 11 p.m. EST, although wait times are abnormally long.
Truist, the result of a recent merger between BB&T and SunTrust, does not offer any relief related to its deposit accounts.
For further assistance, Truist encourages heritage BB&T clients to call 1-800-226-5228 and heritage SunTrust clients to call 1-877-820-2103. Watch out for long wait times, however, which customers have reported on social media.
Many local BB&T and SunTrust branches have reopened. Some branches still operate on an appointment-only basis, while others no longer require appointments, although you can still schedule one if you wish. Branches are following safety protocols, including social distancing and requiring all employees and customers to wear masks while in a branch. Teller services are still available at drive-thru lanes, and customers still have 24/7 access to ATMs as well as online, mobile and telephone banking.
Truist has established a $50 million Truist Cares initiative, which will provide funding to the CDC Foundation and Johns Hopkins Medicine; local United Way organizations; and grants to Truist’s community partners.
U.S. Bank does not offer any financial aid to its deposits customers. You should check your U.S. Bank branch’s hours before visiting. If you do visit a branch, which you should not do if you are experiencing COVID-19 symptoms, you must wear a mask and maintain social distancing. U.S. Bank is limiting the number of customers permitted in a branch at one time. You can still access your U.S. Bank accounts on the bank’s mobile app, by phone or on its website.
Wells Fargo has said it will offer fee waivers for customers who contact the company. On a larger scale, the Wells Fargo Foundation has pledged up to $175 million in donations to “help address food shortages, public health needs, small business stability, and housing security for the most vulnerable populations.”
Wells Fargo branches are cautiously reopening with adjusted hours and safety practices. The bank suggests you make an appointment if you want to see a banker to avoid longer wait times. Wells Fargo also requires customers to wear a face covering when visiting a branch and asks that customers do not visit a branch or office if you are sick or have been exposed to COVID-19. Wells Fargo call centers still remain open, though they are experiencing higher-than-normal call volume and longer wait times.
You can also access your accounts online and on the Wells Fargo Mobile app, where you can deposit checks, move money and more. Wells Fargo also reminds customers that they can use contactless cards or digital wallets for payments.
The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) have temporarily extended unlimited insurance. Thanks to the CARES Act, your bank and credit union deposits are wholly insured through Dec. 31, 2020. Typically, an individual is covered up to $250,000 per account type, with increased FDIC insurance for joint ownership or beneficiaries. This temporary extension means you don’t have to worry about losing any of your money in a checking, savings, CD or money market account in the event of a bank or credit union failure.
The Federal Reserve has temporarily amended Regulation D to allow for more than six withdrawals from savings accounts. One way that Regulation D differentiates savings accounts from checking accounts is by limiting savings accounts to six “convenient” transfers per month. This includes pre-authorized and automatic transfers; telephone transfers; and withdrawals and transfers made by check, debit card or a similar method. For now, you don’t have to worry about this limitation.
Less “convenient” transfers which are not included in that otherwise limited category are those made in person at the bank, by mail, at an ATM or over the phone when you receive the withdrawal via a check in the mail.
Typically, going over the “convenient” transfers limit would result in an excessive transaction fee charged by the bank. With the Fed’s latest change, your bank may also waive their excessive transaction fees as further COVID-19 relief.
Many institutions are warning customers about keeping their information and money safe from fraudsters. Unfortunately, scams and phishing attempts are cropping up to take advantage of this crisis. Be wary of phone calls, emails and texts from suspicious senders who ask for personal or account information, and avoid clicking on links in emails and texts. When in doubt, head to your institution’s official website to verify your bank’s contact information, or log into your account to access its secure messaging system.
American taxpayers and business owners may also get some relief from the U.S. government’s $2 trillion financial relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law in late March.
Find out how you can benefit from the relief package below.
Taxpayers’ long-awaited direct payments, or recovery rebates, will be determined by their most recent tax return. For many, this will be your 2019 tax return, since we have yet to file taxes for 2020. If you have not yet filed your 2019 tax return, the government will turn to your 2018 return instead.
How much you’ll get: For individuals, the plan will provide one-time direct payments of $1,200 ($2,400 for joint returns) to those with an annual income of $75,000 or less. Payments will decrease incrementally for those who made more than $75,000 and will stop altogether for individuals who earned more than $99,000. Individuals will also receive an additional $500 per child. You can use our stimulus check calculator to determine your payment amount.
What to do to get your stimulus check: For most taxpayers, there’s no need to sign up. All you need is a valid Social Security number to receive these relief rebates. Depending on what you requested on your tax return, the IRS will send the payment either via direct deposit or a paper check.
When the stimulus checks will arrive: The IRS began sending out payments the week of April 13, 2020. You can expect your payment to come sooner if you have direct deposit set up on your tax return or submitted your bank account information via the Non-Filers: Enter Payment Info tool.
You can track your payment with the IRS Get My Payment tool. This tool indicates the status of your payment, including the date your payment is scheduled to be direct deposited or mailed. Get My Payment will also provide eligible individuals a chance to submit their bank account information for direct deposit. If your check has already been scheduled for delivery, this feature will not work, so it’s best to take advantage of it as soon as possible
Fastest ways to get your stimulus check: The fastest way to get your stimulus check is via direct deposit to your bank account from the IRS. If your address or bank account information has changed since 2018, file your 2019 tax return as soon as possible, if you haven’t already.
Taxpayers with prepaid accounts can also receive the government COVID-19 stimulus checks, thanks to the Consumer Financial Protection Bureau (CFPB) relaxing rules around the Electronic Fund Transfer Act (EFTA), which typically prohibits individuals from opening new accounts to receive government benefits. So if you have a prepaid account, you may want to provide the IRS with your account information via the Non-Filers: Enter Payment Info tool as soon as possible so you can receive your stimulus payment faster.
What to know about taxes and stimulus checks: These recovery rebates are considered advanced tax credits for 2020 and should not be taxed for most. Since the payment amounts are determined based on your previous tax returns, however, the payments could be subject to adjustment if you earned more or less this year compared to prior years.
For example, if you received too large of a rebate proportionate to your most recent income, you could end up owing back the excess. However, it is so far expected that taxpayers will not have to return or pay tax on any portion of these rebates, regardless of income changes. If you receive a payment that is too low, you also may be able to receive a tax credit from your 2020 taxes to make up the difference.
For starters, individuals who have found themselves unable to work as a result of COVID-19, including those who are sick, quarantined or taking care of family members, will be able to collect unemployment, extending those benefits beyond those who were fired or laid off.
The CARES Act has also included self-employed individuals under this provision, meaning freelancers, gig workers and contractors may also collect unemployment during this time. Also included are people seeking part-time work; workers whose unemployment benefits have run out already; clergy and employees of religious organizations; and individuals whose work history would not typically be sufficient.
The stimulus bill will also add $600 on top of existing unemployment benefits (currently averaging about $300 a week) for four months and extend unemployment insurance by 13 weeks. The bill will also ensure that workers maintain their full salaries if they lose their job due to the coronavirus pandemic.
This additional funding will come from the federal government rather than from states and employers, who typically fund unemployment benefits. Unemployment benefits are still taxable under current law, which the stimulus bill does not account for. So if you are able, you may want to elect for tax withholding now, so you don’t get hit with a big bill at tax time.
How to file for unemployment: Unemployment insurance is done by state, so you will file for unemployment in the state where you last worked. If you worked in multiple states, you can apply in any one of those states. You can check your state’s benefits and eligibility requirements here.
The fastest and safest way to apply for unemployment at this time is via your state’s unemployment website or over the phone. However, given that millions of Americans have recently found themselves unemployed, you may face unusually long wait times when contacting unemployment offices. Perhaps visit your state’s website during off hours.
When you file for unemployment, you’ll have to provide your personal information, including your name, contact information, Social Security number and bank account information, if you have one, for direct deposits. You will also have to provide information about your last place of employment, including your past employer’s name and contact information, the last date you worked, the reason you’re not working anymore and your previous earnings.
Some states may require you to “certify for benefits” on a weekly or bi-weekly basis, which requires you to prove your continued eligibility for unemployment benefits. This often includes showing that you are willing and able to work and that you are actively looking for employment. Some states may waive this requirement during this time.
The bill also allows those affected by COVID-19 to withdraw up to $100,000 from qualified retirement accounts, including your 401(k) and IRAs, without facing the 10% early withdrawal penalty that typically applies when you make withdrawals when you are under the age of 59 ½. You will still have to pay income taxes on your withdrawals, though these taxes will now be due over the course of three years instead of immediately. Additionally, the bill waives required minimum distributions (RMDs) for select retirement plans for this year.
Qualified individuals include those who are diagnosed with COVID-19 or have a spouse or dependent who has been diagnosed with COVID-19, as well as those who have been laid off, quarantined, furloughed or faced reduced hours due to the pandemic. This applies through Dec. 31, 2020.
Even though the bill allows it, withdrawing from your retirement accounts before you’ve actually hit retirement is generally not the best plan — especially if you’re already close to retiring. By doing so, you run the high risk of hurting the nest egg that you’ve worked hard to build for retirement. Still, this may be the only source of money available to many right now.
The stimulus plan includes $425 billion for the Federal Reserve to leverage for emergency loans to distressed companies and $75 billion for industry-specific loans. Despite previous claims from President Trump that he alone would choose which businesses received aid, this lending system will fall under oversight by an inspector general and a congressionally-appointed panel.
The spending package also provides $350 billion that will go toward lending programs for small businesses, but only those that keep their payrolls steady through the crisis. There is also a reward for small businesses that keep their workers in the form of federally-guaranteed loans that will be forgiven if the employer continues to pay its workers throughout this time of crisis.
Additionally, the plan allocates $130 billion for hospitals and $150 billion for state and local governments.
On Dec. 21, 2020, Congress passed a second relief package designed to help consumers and businesses stay afloat as the coronavirus pandemic continues to cripple the economy. The approximately $900 billion relief bill includes one-time payments of $600, expanded unemployment insurance and rental assistance.
Below are key components included in the bill.
Included in the relief package are one-time, direct payments – called Economic Impact Payments — similar to those distributed in spring 2020. However, the most recent round of direct payments differs in the amount distributed and who is eligible.
The relief bill’s direct payments include:
Payments begin to decrease in size for individuals who made more than $75,000 in 2019, $112,500 for heads of household and $150,000 for married couples who filed jointly. The payments completely phase out for individuals without children who made over $87,000 that year and for couples who made $174,000
This time around, adult dependents are not eligible. Direct payments will also be available to mixed-status households (in which a family member does not have a Social Security number), expanding the relief to immigrant families.
The new relief package includes an expanded unemployment insurance benefit of an additional $300 per week for all workers receiving unemployment benefits. This provision expires on March 14, 2021.
Additionally, the bill extends relief under the current Pandemic Unemployment Assistance program, expanding coverage to gig workers, people who are self-employed and others, as well as relief provided by the current Pandemic Emergency Unemployment Compensation program, providing additional weeks of benefits to people who have used up all of their state benefits.
Unlike the previous stimulus package, this bill will provide rental assistance for families affected by COVID-19 who are struggling to pay their rent or have missed rent payments. These funds can be used for past due rent, future rent payments and energy and utility bills. Additionally, this provision extends the existing CDC eviction moratorium through Jan. 31, 2021.
Lauren PerezLauren Perez is a former writer at MagnifyMoney who covered deposit accounts and Federal Reserve meetings. Prior to joining LendingTree, she was a personal finance writer for SmartAsset. She has a B.A. in English from the University of Rochester.
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Sarah BergerSarah Berger is a former writer at LendingTree, where she covered personal finance, specifically focusing on challenges and opportunities facing millennials. Before joining LendingTree, she was a writer for CNBC and Bankrate.
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