The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment.
Information for CARES Act
In the fast-moving and ever-changing environment surrounding the COVID-19 pandemic, we want to educate you the best we can on the Coronavirus Aid Relief and Economic Security Act (CARES Act). Below you will find information to best inform you of the different options becoming available as soon as TOMORROW, APRIL 3, 2020.
This page is for information purposes only & does not represent law or an official interpretation. In applying for these benefits we suggest asking questions of your Banker/Lender, SBA, Unemployment, Representative. We are providing this to each of you to make sure you are as informed as possible and receive all that is eligible to you, your family and your businesses.
We are continuing to educate ourselves and team in this ever evolving dynamic. As we learn of new and beneficial information, we will certainly share. Please follow us on social media for the most up-to-date communications. We will continue to work to regularly update you on the ever-changing dynamics of the COVID-19 pandemic and how they relate to you and our business.
The Vincent Group Team
In an effort to fill the gap between the average paycheck and state unemployment benefits, the CARES Act will provide eligible employees an extra $600 per week in unemployment benefits in addition to what they are eligible for under existing state programs. This boosted payment will last for approximately four months until its current expiration date of July 31, 2020.
The CARES Act also provides for an additional 13 weeks of continued $600 weekly payments for individuals who remain unemployed after exhausting their state unemployment benefits. This means eligible workers will be able to receive unemployment benefits for up to 39 weeks rather than the 26-week cap under most state programs.
Employee Retention Payroll Tax Credit
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related to COVID-19. Employers are entitled to a refundable tax credit for the required leave paid, up to specified limits. [See FAQs]. The same wages cannot be counted for both credits.