CARES Act

The CARES Act provides direct economic aid for American workers, families, and small businesses, and preserves American industrial jobs. The CARES Act will provide direct assistance payments to those who qualify for help, based on their 2019 federal income tax. If you were unable or have yet to file your taxes for 2019, the IRS will make their valuation based on your 2018 income taxes.

Single Filers and Families: Single adults with Social Security numbers and adjusted gross incomes of $75,000 or less are eligible to receive full benefits from the CARES Act. Married couples who filed joint returns with income that did not exceed 150,000 are also eligible for aid.  

Single filers who make more than $99,000 and joint filers whose income exceeds $198,000 do not qualify for any benefits.

Small Businesses: Businesses eligible for aid from the CARES Act include: nonprofits, Veterans’ organizations, and tribal businesses with 500 employees or less. Gig economy workers, sole proprietors, independent contractors, and self-employed people are all eligible for the program as well. 

Single Filers and Families: During the first round of relief payments, most American adults received a one-time payment of up to $1,200, while married couples received up to $2,400. Adults also received an additional $500 for every qualifying child.

The second round of relief payments allowed every qualifying American to receive up to $600, with married couples receiving $1,200. Dependent children will be receiving $600, rather than the previous $500.

Small Businesses: Established by the CARES Act, The Paycheck Protection Program, implemented by the Small Business Administration with support from the Department of the Treasury, provides small businesses with up to 8 weeks worth of funds to help with payroll costs.  

Also provided to small business is the Small Business Debt Relief Program. It offers immediate relief to qualifying small businesses with non-disaster SBA loans, particularly 7(a), 504, and microloans, for six months.

To ensure your credit dispute claims are handled appropriately under the CARES Act, we recommend that you take the following steps:

Document Your Claims:

After you file your dispute with the FCRA, carefully document payment arrangements. This will ensure that reporting remains consistent with the agreement reached with your credit agency, and will reduce the risk of any disputes or false delinquent claims. 

Track Your Investigation:

In compliance with the FCRA, after you have submitted your dispute claim, a credit agency must complete its dispute investigation within 30 days. If the investigation goes over 30 days without proof that the agency has made a good faith effort to comply with the timeline, you may have A Private Right of Action under the FCRA against them.

Hire An Attorney:

Hiring an experienced attorney to help you better understand and handle your case can make all the difference when it comes to safeguarding your financials. Your attorney will review your case and fight for you to ensure you are properly protected under the law.

With the influx of claims due to the COVID-19 virus, we understand that now more than ever, your financial security is of the utmost importance. With over 35 years of experience, our Morgan and Morgan team has managed to help millions with their case claims. We are here to help you. 

To learn more about The CARES Act and how we may be able to help you, please contact our attorney's offices by filling out our free, no-risk case evaluation form today.