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NC Senator Explains Some Benefits of the $2 Trillion Coronavirus Relief Act

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By Charlotte Smith

North Carolina Senator Thom Tillis (R-NC) on March 30, 2020, held a telephone Town Hall meeting to address COVID-19 (coronavirus) issues affecting North Carolinians.

Before diving into the briefing of the economic assistance the historic stimulus package passed last week would bring to residents of North Carolina, Senator Tillis, reminded citizens to heed the CDC’s guidelines and the NC Governor’s Stay at Home order.

Then Tillis stated, ”We passed a $2 trillion stabilization measure last week.”

He proceeded to give an overview of the historic coronavirus response bill (known as the CARES Act) as it pertains to individuals making $99,000 or less a year and to small businesses.

Sen. Thom Tillis


”A one-time payment of $1,200 will be distributed to individuals, couples would receive $2,400, and families will receive $500 for each child, ” Tillis explained.

A family of four earning less than $150,000 can expect $3,400. The checks are expected to roll out in the next three to four weeks according to the Senator.

The cash payments are based on individual tax filings from 2018 to 2019.

”It is not a loan,” Tillis stated. The payments will not be taxed either.

People who receive Social Security benefits but don’t file tax returns are still eligible, according to Tillis. They don’t need to file taxes; their checks will be based on information provided by the Social Security Administration. However, Tillis was unsure of direct deposit payments that would be made to those individuals.

Tillis also touched on the fact the bill makes major changes to unemployment assistance, which increases the benefits and broadens who is eligible. NC will still continue to pay unemployment to people who qualify. The CARES Act also broadened the opportunities for self-employed people, freelancers, and contractors to apply for unemployment.

”The bill also has packages for businesses,” Tillis said.

The main features for small businesses are grants and loan programs for small businesses. Loans used to maintain payroll may be forgiven, according to Tillis.

The funding allocated for the Small Business Administration to provide loans may be applied for by contacting local banking establishments. The small business owners may contact financial institutions they already have a working relationship with to apply for the SBA funds, according to Tillis.

The bill also includes measures to assist with testing and vaccine research pertaining to the Coronavirus. In closing, Tillis urged listeners to visit his website, tillis.senate.gov for more information.

Listen to a synopsis of the Town Hall meeting on our YouTube Channel. Follow the link below.

 

 

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