Corona & Cheer: The Stimulus

The government signed the CARES Act last friday.

This bill can provide help to part & full time coaches out of work, cheer company owners in distress, and most americans in general.

Keep reading to get a quick 10 minute wrap up of what the Act can do for you!

 

Stimulus Payments

Description: Many people 18 & up will receive 1,200. For every child under 16 there would be an extra 500$ coming your way. There’s one check being commissioned now, but maybe more depending on how long social distancing lasts!

Qualifications: If your income is 75,000 or less you’ll receive 1,200. Double the payment and qualification if you filed taxes married and have no children. Anyone who claims dependents and is head of household will receive full payment if they earned under 112,500. If you are jointly filing with 2 kids you will not be eligible if your income is higher than 218,000! Dependents don’t receive payment!

How: This form requires little work on your part! As long as you’ve filed taxes in the last two years you’ll receive your check through your banking institution or via mail either 3 to 5 weeks from now.

Unemployment Benefits

Description: These have been opened up to part time, freelance, contract, full time, and just about every type of worker that is out of work or in need. The amount received has also been multiplied to three times as much! So cheer coaches too!

Qualifications: There are very few qualifying factors! It has really been expanded by the federal government!

How: Each state is different. But you’ll start your journey by visiting your state’s department of labor website. Very few details are needed to file a claim. Once you file you’ll have to put a resume on a government database and be reviewed by a dol claims processor. This process takes around 2 weeks, but with the 3.3 million people unemployed as of last week expect it to take 3-4 weeks!

Small Business Loans

Description: Hear me loud! You can get loans to cover payroll, rent, operating costs, and have them all forgiven! The SBA is allowing Small businesses like cheer companies to apply for the Economic Injury Disaster Loan program. Funds are given after 3 days of an accepted application.

Qualifications: You’ll only be able to pay payrolls of those receiving under 100,000$ a year. You’ll have to also keep the same number of employees.

How: Provide 3 years worth of employment and payroll cost documentation. Also verify mortgage interest payments, rent payments, and utilities with documents. You’ll have to get your documents certified by an authorized representative. Then you wait 60 days to see if the institution allows the forgiveness. 

The Main Point

There are ways to stay afloat, preserve your well-being, and come out of this on top! Look back to our previous blog post about how to run your company during these times.

Change the way you operate now using creativity and you may see an upside brighter than before Covid-19 in a year or two! What doesn’t kill you makes you stronger!

Comment below with any of your tips and reach out to us if you have any additional questions at all!