Meta Description: In this ongoing coronavirus pandemic, USA TODAY is working hard to find answers to all of your money-related questions – anything like finding a job during this hard time or Social Security-related queries, unemployment benefits to your 401(k), retirement plans or any other query related to retirement. We want to help people manage their finances during this hour of crisis, so USA TODAY Network’s top financial journalists have come forward to answer some commonly asked questions. Below-written are questions and answers to every problem faced by an individual.
- Also Read: 3 Reasons Certain Federal Employees Can Retire Years Earlier Than Their Peers Without Penalties
- Also Read: CSRS Retirement in 2024: Are You Making the Most of What This Classic Plan Has to Offer?
- Also Read: Roth IRA Basics for Beginners: What’s There to Learn?
…Though we have work for him, he doesn’t want to work due to the coronavirus pandemic, and he is worried that he may get infected with the virus. He has responsibilities towards his elderly roommates.
Charisse Jones answered his query and said, if an employee has a specific reason to worry about the infection and needs to stop work immediately, he may be eligible for benefits. If no genuine reason, then quitting job and filing for such employment benefits without any cause may be considered fraud acts by federal officials.
— Charisse Jones
If an individual has a military pension, he or she will be eligible for unemployment from a civilian job or not?
… In this case, are there any chances that an individual benefit will be reduced due to the pension?
Charisse Jones answered his query and said Yes, that individual would be eligible for unemployment, and a military pension should not impact it.
— Charisse Jones
I just started my service and not even started getting a commission. Do you think I can qualify for unemployment with no proof of income?
Charisse Jones answered and said yes, you might qualify for getting state benefits if you give the reason for your low business is the coronavirus crisis or government-ordered shutdown, or you need to look after your child whose school has been closed, says Andrew Stettner, a senior with the Century Foundation. In this case, an employee can apply for relief under the CARES Act and be ready to show what she did to her business and how coronavirus crisis affected it.
— Charisse Jones
What is the procedure to apply for the new small business loan to pay for rent and employees?
Small businesses with 500 and fewer employees are eligible for a loan under the Small Business Administration’s Paycheck Protection Program that will support eight weeks of operations and will be forgiven if 75% of the money is used for payroll, and the rest of the money is used for other business-related expenses like rent and other utilities. Download this form and look for an eligible lender like an SBA-certified local bank or commercial lender. You always have an option to borrow the money if you don’t meet the 75% payroll requirement, but you need to pay back the money with 1% interest within two years.
— Ledyard King
I am scared of going to work but haven’t been moved to another location due to coronavirus pandemic. Can I quit my job and claim for unemployment?
Charisse Jones says no. You can’t unless you show that you were exposed to the virus. According to the federal-relief act Guidance, quitting a job for no reason, and applying for benefits would be considered a fraudulent act.
— Charisse Jones
Should I apply for the $600 extra federal unemployment?
Charisse Jones says no. You do not need to apply separately.
— Charisse Jones
My unemployment claims will be impacted if I think about a small business loan to pay our employees?
Ledyard King says At least 75% of the PPP loan must be used on payroll and rest on the office-related job. If workers file for unemployment benefit, then that would impact the small business or nonprofit organization’s ability to become eligible for the unemployment claim.
— Ledyard King
I got the unemployment claim, but my employer wants to cover our salaries with the CARE stimulus, should I cancel my unemployment?
If you get your full payment, you are not qualifying for unemployment benefits. Basically, you need to check in every week to inform the state that you are still unemployed in order to continue the claim.
— Charisse Jones
My employer has reduced my salary. Should I apply for partial unemployment?
Charisse Jones advised and said yes, you could. If the pay is reduced due to the COVID-19 pandemic, you can get some financial assistance.
— Charisse Jones
Is it the right time to withdraw money from my 401 (k)?
Taking out money from retirement accounts in a hurry isn’t a good idea. Wealth advisor suggests taking this situation case-by-case. If you have emergency savings or opportunities to get money from other sources, then look for them. Advisors suggest taking advantage of sources with lower rates first before touching retirement funds.
— Jessica Menton
I was given permission to take leave, and after applying for unemployment benefits, fortunately, I got two part-time, temporary jobs. Do you think I am not eligible for benefits now?
Charisse Jones says You will not be automatically disqualified from receiving unemployment benefits. But your benefits will be reduced to half due to the part-time income, and in some states, you may be earning good enough from your job only, according to Andrew Stettner with The Century Foundation. Check your state rules and regulations. You cannot leave your job to claim for benefits. You may end up losing your financial assistance and could be considered a fraud.
— Charisse Jones
Will homeowners get relief with mortgages or not?
According to the CARES Act, homeowners who have loans backed up by the federal government will get two types of relief. First, it doesn’t allow lenders to initiate foreclosure proceedings on loans for at least 60 days after March 18. The other one is homeowners suffering from financial crises during ongoing coronavirus pandemic can ask for forgiveness for up to 180 days, which can be extended for another six months if the homeowner is still under financial stress.
…Can I postpone my mortgage payments?
To get forgiveness through the CARES Act, you need to contact your loan servicer. They won’t charge you any additional fees or penalties or interest to your account through this act, but regular interest may still bother you.
— Jessica Menton
Dependent adults with disabilities dependents on caregivers’ tax returns will get a stimulus check or not?
According to a new law, Dependent adults with disabilities will not get a stimulus check.
— Michael Collins
Will retired people get a stimulus check or not?
Yes, Retirees will qualify for a stimulus check provided they meet the other criteria. Or we can say, they receive a check if income does not exceed $99,000 ($198,000 for joint filers).
— Michael Collins
How to add a direct deposit to the IRS?
The Treasury Department and the IRS recently welcomed a web tool that allows Americans to easily register for stimulus check payments.
You can use a non-filer tool and get a free option to add a direct deposit of you haven’t filed a tax return.
— Jessica Menton.
If I get Social Security benefits and have not filed taxes for 2019, I will get my stimulus check or not?
In case you have not filed your Income-tax return for 2019, the IRS will consider your 2018 returns and check if you are eligible for the check or not.
— Michael Collins
If I have a second job, Can I apply for unemployment benefits for that job?
If you lose your second job, you become eligible for partial unemployment insurance. Different states have different rules for part-time positions, but the federal government’s CARES Act mentions that part-time workers affected by the COVID-19 crisis can get help. Check your state, and hopefully, you will get some relief.
… I work two part-time jobs, one of which had reduced my working hours. I am working 20 hours a week in one job. Can I get an unemployment claim on a part-time job?
It differs from state to state. Your state may help you and tell you if you are eligible for unemployment benefits. For example, California pays out such funds. As per the federal CARES Act, part-time workers who have reduced work hours for coronavirus pandemic will bet $600 federal benefit as well, but again, it depends on your state.
— Charisse Jones
If I get Social Security benefits, I will get a stimulus check or not?
If you are getting Social Security benefits and haven’t filed income taxes for the past two years, then you don’t need to take extra steps to receive your checks.
Treasury Secretary, Steve Mnuchin, stated that the IRS would use data from the Social Security and send payments which did not file tax returns in 2018 or 2019.
— Michael Collins
Will retired people get a stimulus check?
If your adjusted gross income in 2019 was less than $99,000 and you filed your return separately or $198,000, if you filed your return jointly, you will get some money. The law makes no difference between working and retired employees.
— Ledyard King
When can I expect to get a $600 federal unemployment check?
… I received my first unemployment check, but it was not $600.
The process of these payments is still not clear.
… I am unemployed since January 2020. Is the $600 benefit active from that date or from the day it was announced?
It depends on your state when it agreed with the federal government. The $600 weekly unemployment benefit started from March 28. It will end on July 31.
… Are granted leaves eligible for this claim?
- If you are not paid, you are considered unemployed, so look for federal assistance.
— Charisse Jones
I am into a commission-based pay, can I file for unemployment claim?
If your working hours have been cut or your office is closed due to COVID-19 crises, you can claim for your unemployment benefits. You need to request for the claim in your state only.
— Charisse Jones
My unemployment date expired in February. Can I apply for benefits now?
If you are still unemployed, you become eligible for the 13 weeks of unemployment benefits, and the federal government will pay you in addition to the extra $600 federal payment per week.
My unemployment expired about a month ago, but I’m not able to file my claim online due to my initial claim.
So many websites are working in association with the additional benefits offered by the CARES Act. Tell your situation to your phone company, and you should be able to benefit from your payment. Continue calling.
— Charisse Jones
Does forgiveness on rent mean I never have to pay for the rent of that month?
No Dear. It just means that your payment is deferred. You may have to pay back rent for several months when the emergency situation is over.
— Paul Davidson
Explain unemployment insurance, and can I get it?
Unemployment insurance is a joint program initiated by the federal government. The states set up to provide money to people looking for a job but not getting it. These benefits have been expanded by a $2.2 trillion relief package – called the CARES Act –launched by the federal government last week to help people mitigate the impact the coronavirus pandemic on their financial status.
Michele Evermore, senior researcher and policy analyst for the National Employment Law Project, says, Every US state has an online application system to file for unemployment benefits.
— Charisse Jones
How much unemployment benefit will I get?
It varies from an individual’s condition to condition. The maximum weekly benefit distribution varies from state to state. For example, Florida tops out at $275, while in New York, the maximum is $504. But according to the federal relief law, everyone will get an additional $600 a week till July 31.
— Charisse Jones
How long do unemployment benefits last?
The rule differs from state to state. Some states are offering fewer weeks of benefits than others. Now that the unemployment rate has expanded, anyone who is still out of work even after their state benefit period runs out will be able to get the benefit for an additional 13 weeks from the federal government.
Workers in states like Florida, where the initial benefit period is only 12 weeks, would be eligible for the unemployment insurance will be eligible for another 14 weeks.
All unemployed who are out of work will get federal assistance for up to 39 weeks.
— Charisse Jones
How about a jobless claim if I work for myself or in the gig economy?
Independent contractors, freelancers, and gig workers will get the same benefits through a new pandemic assistance program launched by the CARES act.
— Charisse Jones
How much benefit can I get?
If you have filed your 2019 Income-Tax return, the Internal Revenue Service will use those returns to check your payment. If you haven’t filed, then the IRS will consider your 2018 returns and calculate your check.
Individuals with an adjusted gross income of $75,000 or less are eligible for a one-time payment of up to $1,200 and $2,400 in case of joint tax returns and $500 for each child who qualifies.
Individuals with no tax liability will get $1,200 and $2,400 for joint returns.
The payments will be phased-out to Americans earning more than $75,000, or $150,000 for a joint return. The amount will be decreased by 5% if your income is more than $75,000.
— Charisse Jones
Are freelancers and gig workers eligible for unemployment benefits or not?
Under the stimulus bill’s Pandemic Unemployment Assistance, freelancers and gig workers get half the average unemployment benefit in their state in addition to an extra $600 per week.
— Coral Murphy-Marcos
Any information on the companies hiring employees right now?
Yes, there are companies under the convenience stores, health care sector, grocery, food, retail, and delivery companies running in the process of mass hiring.
— Jazmin Goodwin
