Almost everyone has been affected by Covid-19. Even so, this showed how people and businesses alike are adapting to new environment. Much of them have learned how to take advantage of government programs to survive and stay afloat. For individuals, they have researched on how to qualify for paid leaves, unemployment benefits and a lot more. As for businesses, they seek financial assistance from the government and used the money to pay its employees and market their brand as they buy Instagram followers.
But all of this would not be possible without the CARES Act. So what basically is CARES Act and why you should be concerned about it?
Simply speaking, CARES stands for Coronavirus Aid, Relief, and Economic Security. With this, the federal government has permitted its states to changes its laws regarding unemployment benefits. It allows them to offer unemployment benefits for things that are related to Covid-19. Under this act, it is authorizing:
- Self-employed individuals as well as gig workers to obtain unemployment benefits
- All workers who are currently unemployed will be able to receive an additional 600 dollars per week for the next 6 months and;
- Unemployed workers will get additional 13 weeks of benefits on top of what their state offers
To be able to apply for these benefits, it will be essential to reach out to the unemployment insurance program of your state.
CARES Act for Businesses and People
CARES Act or stimulus package was initially signed into law back in March. This provides assistance in various degrees both for businesses and individuals who were affected by the pandemic.
Example, if you’re working for a business that has 500 employees or less, then under the Families First Coronavirus Response Act, you’ll be entitled for a paid family or sick leave brought by the pandemic.
And probably by this time, some were already able to use the 2 weeks of paid sick leave if you or one of the family members are quarantined or showing symptoms of Covid-19, up to additional 10 weeks for paid family as well as medical leave if children’s school provider is unavailable or closed and more.