COVID relief

What the new COVID relief package means for your finances

A second wave of federal coronavirus relief totaling $900 billion could begin flowing to millions of Americans as soon as the year’s end. Here’s what the COVID relief package could mean for you, your family, your home or your business.

If you earn up to $75,000 per year You’re eligible to receive a $600 one-time payment if your 2019 reported income was $75,000 or less. Those eligible for relief who have dependent children will also get $600 per child.

Only minor dependent children are eligible for this payment; adult dependents such as college students don’t qualify. These payments will be distributed the same way the earlier relief was sent — as direct deposits and checks.

If you’re out of work Weekly

$300 supplemental unemployment insurance known as Federal Pandemic Unemployment Compensation will be added on top of other unemployment benefits for 11 weeks, through March 14. (The CARES Act provided $600 in supplemental unemployment compensation, which expired July 31.)

This benefit also extends Pandemic Unemployment Assistance, which was created by the CARES Act, for those who wouldn’t traditionally be eligible for regular unemployment, such as freelancers, gig and part-time workers.

If you rent The eviction moratorium is extended to Jan. 31; it was set to expire Dec. 31. Rent payments are still due.

If you own your own home The Federal Housing Administration extended the deadline to request an initial COVID-19 forbearance to Feb. 28, 2021. The new deadline applies to single-family mortgages insured by the FHA. The moratorium on foreclosures and evictions is extended through Feb. 28 for single-family FHA-insured loans.

If you’re a small-business owner Small businesses, which have been hard hit by pandemic shutdowns, will see more than $284 billion for first and second forgivable coronavirus relief loans. The deal provides additional funding for business owners who didn’t receive Paycheck Protection Program loans during the first round in the spring.

If you need child care assistance The bill provides a $10 billion injection into Child Care and Development Block Grants, which can be used to help families with copayments and tuition for child care and to ensure child care providers can remain open despite decreased enrollment.