Stimulus Package: Benefits for Residents of New Mexico
President Donald Trump signed into law the stimulus package that will greatly benefit New Mexicans from individuals to small businesses according to a recently published article.
COVID-19 has negatively impacted the national and global economic status of almost all countries around the world. This leads many businesses to shut down its operations temporarily and employees were laid off or furloughed as well.
To address this problem, President Trump signed into law the stimulus package that will greatly benefit its citizens. This law will help New Mexicans from individuals to small businesses while the country is facing global health and economic crisis.
HOW MUCH MONEY NEW MEXICO WILL RECEIVE AND WHERE DOES THAT MONEY GO?
New Mexico will receive an amount of $1.25 billion. The money "targeted primarily to New Mexico as a state government and local/municipal governments" according to New Mexico Senator Tom Udall.
However, big cities like Albuquerque will have to apply directly to the federal government for funding because of their population size. Mayor Tim Keller said that the city will get an amount between $100 million and $150 million. Meanwhile, all other small municipalities will apply for funding directly to the state of New Mexico.
WILL IT EXPAND UNEMPLOYMENT INSURANCE?
Yes! The law will expand its unemployment insurance to cover more New Mexicans and provides additional benefits in this time of global health and economic crisis. The following are the expansion under the law:
- It will increase unemployment benefit by $600 per week and laid furloughed workers will receive full pay for four months.
- The law also makes sure that employees regardless of the place of their work and employees of small, business, large businesses, those in the gig economy, and as well as the self-employed are fully protected.
- The law will also allow the furloughed employees the chance to work again with their employers once this crisis is over.
WILL THEIR BE FINANCIAL SUPPORT FOR WORKERS?
Yes! The following are the benefits that workers and members of the family will receive under the law:
- An amount of $1,200 will be directly paid to an individual in New Mexico, $2,400 for couples, while an amount of $500 will be given to every child in the family.
- The payment is available for those who are earning $75,000 for individuals and $150,000 for those who are married.
- It is also important to take note that the amount is phased out for those who are above income cap.
There are many queries as to how much a person will be taxed later and when will it start. In another recently published article, they answered and explained the commonly asked questions about the stimulus package.
HOW WILL IF FINANCIALLY HELP SMALL BUSINESSES?
The law is also concern for those who belong in small businesses. To make sure the local economy will still run after the crisis, the following are the financial support under the stimulus package:
- An amount of $377 billion is intended for small businesses and that includes an amount of $10 million in Payment Protection Program loans for small businesses that have more than 500 employees.
- The good news is the loans will be converted into grants if the employers maintain their previous payroll through Dec. 31, 2019.
These are just few of the benefits that people living in New Mexico will receive amid the global health and economic crisis. This support will somehow help them while the country is still in crisis and businesses are still close.