CARES Act Relief for Veterans
April 04, 2020
The Coronavirus Aid, Relief and Economic Security Act or CARES Act was signed into law in March in response to the financial hardships created by the COVID-19 pandemic. Included in the bill are provisions to help Americans meet financial commitments while regular routines are significantly disrupted. Some of these will be especially helpful for veterans.
The CARES Act is probably best known for the direct stimulus payments it will provide. Those who meet the income guidelines will receive $1,200 per person, $2,400 per couple and $500 per eligible child. These payments are based on 2019’s tax return (or 2018 if 2019 was not filed) and will be sent out automatically.
Unemployment Compensation was expanded by the CARES Act too. It now includes part-time workers, independent contractors and those who had already maxed out unemployment compensation previously and increases the amount of money paid out to get beneficiaries closer to their regular full take-home salary.
Small business owners will be able to apply for forgivable loans under the CARES Act to cover payroll and other expenses during extended mandated closures.
Other veteran-specific CARES Act provisions target homelessness, mental health and support necessary social distancing efforts to stop the spread of the coronavirus. These include:
- Addressing the anticipated increased need for housing for homeless veterans while also maintaining safety and adhering to social distancing guidelines. Minimum occupancy requirements for federal benefit eligibility at veteran’s homes have been waived, and the VA has increased the amount of per-veteran daily aid allowances for these facilities temporarily as well.
- Requiring home loan servicers to comply with all applicable CARES Act provisions, giving borrowers (many veterans) the right to request temporary forbearance and protecting them from foreclosure, eviction and negative marks on credit reports.
- Strengthening the VA’s already successful telehealth program by expanding free or subsidized telehealth mental health program services for veterans and providing technology equipment for veterans in the HUD-VA Supportive Housing program (HUD-VASH) so they can access telehealth services.
The CARES Act is large and complicated, addressing as many of the unique needs that the coronavirus crisis has created. As the CARES Act is implemented, the real impact of these provisions will be more apparent.