New COVID-19 Relief Package Set to Help Individuals and Businesses

 Posted on December 23, 2020 in Bankruptcy

The past 10 months have undoubtedly been some of the most challenging in American history. The COVID-19 pandemic began to sweep the nation in early March and has continued to rage ever since. Shutting down society for public safety has led to numerous repercussions, including leaving businesses struggling to stay afloat as well as renters and homeowners scrambling to make their monthly payments. While aid was initially provided by the U.S. government, many Americans have been left to fend for themselves now and have considered filing for bankruptcy since the last previous stimulus check was provided. Months of stalemate and negotiations by Congress has finally led to a new relief package to welcome the country into the new year.

Obtaining Financial Assistance

In the last week of 2020, Congress has struck a deal on approximately $900 billion in COVID-19 relief, with the goal being to assist families and businesses struggling from the pandemic. Senate Majority Leader Mitch McConnell announced that the four leaders of the House and Senate finalized an agreement late on December 20. Many Americans will receive direct payments from the government, including stimulus checks of up to $600 per person for those earning $75,000 or less per year in addition to $600 for each child dependent. This is reflective of the country’s initial stimulus package months prior.

In order to help the unemployed, the package includes an extension of unemployment insurance and a federal unemployment insurance bonus of $300 per week. Small businesses have taken an especially large hit this year, and Congress has allotted an additional $284 billion in loans for those struggling to provide paychecks and cover their rent.

Congress has also addressed Americans who are on the brink of eviction within this package. To meet the Democrats’ priority, the package includes $25 billion in rental assistance in addition to a one-month extension of the eviction moratorium. Unfortunately, the agreement does not provide financial assistance to homeowners who are struggling to pay their mortgage in a timely manner.

Facing Financial Crisis

Votes regarding the COVID-19 stimulus relief package are expected to begin on December 21, with the hopes that it will be passed and allocated by the start of the new year. Unfortunately, this financial assistance may not be enough for some business owners or homeowners to stay afloat. Your financial status before the pandemic in addition to any setbacks over the past year may have left you in significant financial disarray. Those who need additional assistance than the package outlined above may need to consider alternative options, such as filing for bankruptcy. Though undesirable, bankruptcy may be your only option for saving your business or home during these unprecedented times, and after speaking with a reputable attorney, you can determine if you qualify.

Contact a Broward County Bankruptcy Lawyer

The year 2020 has left many hardworking, and previously financially secure, Americans unsure of what to do next. Whether you have recently lost your job, are about to lose your business, or are struggling to pay your mortgage, bankruptcy may be your next best option. Our compassionate attorney at Elliot Legal Group is dedicated to helping businesses and individuals through the toughest of times. Attorney Gavin Elliot uses his years of experience to guide you and your family into a more financially sound future. If you are considering filing for bankruptcy or would like more information on the process, call our knowledgeable Fort Lauderdale, FL bankruptcy attorney today at 754-332-2101.

Source: https://www.nbcnews.com/politics/congress/congress-reaches-deal-900-billion-covid-19-relief-n1251779