News Flash

COVID-19 UPDATES

Posted on: March 29, 2020

THE CARES ACT EXPLAINED | 03/29/20 |

Cares Act graphic showing Congress Building in Washington DC.

How the CARES Act Helps You

Provides direct help to Texans:

  • Allots $1,200 checks to each taxpayer making less than $75,000 annually ($2,400 for a couple making less than $150,000 annually), plus $500 per child
  • This is based on your adjusted annual income stated in your 2019 tax return; if you have not yet submitted your 2019 tax return, it will be based upon your 2018
  • If you paid taxes/received refunds in 2019 or 2018 via direct deposit to your bank account, you should anticipate a direct deposit in early April
  • If you have paid taxes/received refunded by check, you will receive your stimulus money in the form of a check in the mail. This will take longer, possibly into May
  • You may access your retirement plans for coronavirus-related expenses without an early withdrawal penalty
  • You may defer student loan payments for 6 months with no penalty or interest

Expands unemployment insurance (UI) for Texas workers:

  • Provides an extra $600 weekly federal UI benefit on top of the state maximum temporarily
  • Funds an additional 13 weeks of federally-funded unemployment eligibility for individuals after they’ve exhausted state UI benefits through the end of the year
  • Temporarily expands UI eligibility to include the self-employed, independent contractors, those with limited work history, railroad workers, and those who worked at non-profit entities

Offers relief for Texas businesses:

  • Provides $500 billion in secured loans to affected businesses and establishes an Inspector General and Oversight Board to provide accountability for the loan program
  • Provides $350 billion for SBA interruption loans
  • Provides bankruptcy relief for Texas small businesses by raising the maximum debt threshold for eligibility, so that more small- and medium-sized businesses can get through bankruptcy faster and more easily
  • Delays the employer payroll tax
  • Increases the amount of deductible business interest allowed

Injects targeted funding to state and local entities

Aids the health care industry responding to the pandemic

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Cómo ayuda la Ley CARES a los tejanos

Brinda ayuda financiera directa a los tejanos:

  • Asigna cheques de $1,200 a cada tejano que gane menos de $75,000 anualmente ($2,400 para una pareja que gane menos de $150,000 anualmente), más $500 por niño
  • Esto esS basado en sus ingresos anuales ajustados indicados en su declaración de impuestos de 2019; si aún no ha presentado su declaración de impuestos de 2019, se basará en su declaracion del 2018
  • Si pagó impuestos/recibió reembolsos en 2019 o 2018 a través de depósito directo a su cuenta bancaria, recivira un anticipo o depósito directo a principios de abril.
  • Si ha pagado impuestos/recibido reembolsado por cheque, recibirá su dinero de estímulo en forma de cheque por correo. Esto tomará más tiempo, posiblemente en mayo.
  • Puede acceder a sus planes de jubilación para gastos relacionados con coronavirus sin una multa por retiro anticipado
  • Usted puede aplazar los pagos de préstamos estudiantiles por 6 meses sin penalización o intereses

Expande el seguro de desempleo (UI) para los trabajadores de Texas:

  • Proporciona un beneficio federal adicional de UI de $600 por semana además del máximo estatal temporalmente
  • Ofrece 13 semanas adicionales de elegibilidad de desempleo financiada por el gobierno federal para individuos después de que hayan agotado los beneficios estatales de UI hasta el final del año
  • Extiende temporalmente la elegibilidad de UI para incluir a los trabajadores independientes, contratistas, aquellos con historial laboral limitado, trabajadores ferroviarios y aquellos que trabajaron en entidades sin fines de lucro

Ofrece ayuda a las empresas de Texas:

  • Proporciona $500 mil millones en préstamos garantizados a las empresas afectadas y establece un Inspector General y una Junta de Supervisión para proporcionar responsabilidad por el programa de préstamos
  • Proporciona $350 mil millones para préstamos de interrupción de la SBA
  • Brinda alivio de bancarrota a las pequeñas empresas de Texas al elevar el umbral máximo de deuda para la elegibilidad, de modo que más pequeñas y medianas empresas puedan superar la bancarrota más rápido y fácilmente
  • Retrasa el impuesto sobre la nómina del empleador
  • Aumenta la cantidad de intereses comerciales deducibles permitidos

    Inyecta fondos específicos a entidades estatales y locales

    Ayuda a la industria del cuidado de la salud a responder a la pandemia

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