Money Monday: Impacted by COVID-19? Here’s how you can receive financial assistance

Tax relief deadline has been extended to July 15

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SAN ANTONIO – If you’ve lost your job or you’re having to work less, there are ways you can make the most of the federal stimulus action to help you, your family and your business.

Brooklyn Chandler Willy, CEO and founder of Texas Financial Advisory, has suggestions on how you can receive assistance during COVID-19.

1. Don’t worry about the cost when getting tested for COVID-19.

According to Willy, the Families First Coronavirus Response Act, or FFCRA, provides free coronavirus testing to all Americans through government programs or insurance (all copayments are waived). There is also a 6.2% increase in Medicaid payments to states on a temporary basis.

“We want people to know that there are options for you if you cannot go to work, if you’re sick, or if you are caring for a family member. You’re not going to necessarily lose your job because you’re having to take care of your health,” she said.

2. Paid leave benefits are newly available to you, if impacted. You can receive:

  • Two weeks paid sick leave at full regular rate.
  • Two weeks paid sick leave at two-thirds regular rate.
  • Up to 10 weeks additional family/medical leave at two-thirds regular rate.

Eligible employees are also entitled to refundable tax credits for the qualified sick and family leave wages.

If you are an entrepreneur or self-employed, Willy highlighted that you can apply for the pandemic unemployment assistance.

3. Pandemic unemployment assistance program:

  • The temporary program is for those who do not typically qualify for unemployment, like self-employed and independent contractors.
  • You may receive up to 39 weeks of unemployment benefits under the act.

If you can do your job remotely, you will not qualify for unemployment.

The tax relief deadline has been extended to July 15.

4. Tax preparation tips:

  • Speak to your tax preparer regarding how the extension applies to you.
  • Confirm whether your state is following the federal deadline and offering similar relief.
  • Revisit amounts for 2020 quarterly estimated payments. Does reduced income in 2020 reduce these estimations?
  • Consider the new deadline when planning contributions to retirement accounts.

Do you truly know your financial advisor? For that matter, does your financial advisor truly know you?

“Our message at Texas Financial Advisory is that the 'plan’ is the most important thing," Willy said." If you haven’t gotten a second opinion, now is a great time.”

Texas Financial Advisory wants to know your goals, your priorities and your vision for retirement in a no-obligation consultation.

If you would like a free checklist for 12 federal stimulus actions that may assist you during this time, email the word “checklist” to infor@texasfinancialadvisory.com.

For more information, visit texasfinancialadvisory.com or call 210-530-1292.

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