Federal Relief Programs

Current shelter-in-place policies are leaving a toll on the U.S. economy, and Congress is responding by passing several stimulus packages. Below you'll find key provisions from these bills designed to support the individual, along with steps you can take to access this support. 

You can also visit the Consumer Financial Protection Bureau's COVID-19 resource page for more information on stimulus programs to help individuals, including mortgage relief. 

 

Direct payments to individuals and households

The CARES Act provides direct payments (“economic impact payments”) to tax filing individuals and families. The amount received will vary and will be based on 2019 or 2018 tax filings.  Remember Federal tax returns are due on July 15, 2020.  The direct payments are set at:

  • $1,200 for individuals making $75,000 or less
  • $2,400 for those that file a joint return (families, couples, two people filing together their tax-return) making $150,000 or less
  • $500 for each qualifying child for 2020 
  • The amount of payment is gradually reduced based on individual earnings of between $75,000 and $99,000, or for those filing joint returns, between $150,000 and $198,000.  
  • Individuals making more than $99,000 or those filing jointly making more than $198,000 will not receive the economic impact payments

How to Access: The Treasury Department expects to begin making payments starting April 6th via direct deposit. It is unclear how those who do not file taxes will receive these direct payments. See www.irs.gov/coronavirus for more information on economic impact payments. 

Federal Student Loan Deferment

The CARES Act suspends federal student loan payments and interest through September 30, 2020. 

How to Access: Borrowers do not need to take any action as the suspension will be done automatically by the federal student loan servicer. The suspension does not apply to privately held loans or Federal Family Education Loans. For more details visit The Consumer Finance Protection Bureau.

 

If you have additional questions about financial support and insurance, visit our Managing the Cost of IBD resource, or contact the Foundations IBD Help Center for additional assistance by phone, email or online chat.

All information is reviewed by the Foundation's National Scientific Advisory Committee

Last updated June 2020