If you’re not sure what COVID-19 related assistance programs you might be qualified for from the government, there is a website to answer your questions. Just answer a few questions there and it will tell you what programs and assistance you can get assistance from.
Here is a rundown of the most impactful debt-relief options in the stimulus bill.
$1,200 Coronavirus, COVID-19 Relief Checks
401(k) Penalties Waived
The federal government waived the 10% early-withdrawal penalty for taking money from your 401(k) retirement fund. Qualified individuals can withdraw as much as $100,000 to help them get through this crisis.
Paycheck Protection Program for Small Businesses
The Paycheck Protection Program was the second-most popular part of the CARES Act because it allowed thousands of businesses to stay afloat despite quarantine measures in every state that kept residents at home for at least two months. The PPP stumbled out of the gate for several reasons, but seems to have found its purpose now that the rules governing loan forgiveness were changed to help employers reach the goals set for loan forgiveness.