1. PERSONAL FINANCE

The New Coronavirus Stimulus Package: What Will You Get Now

The New Coronavirus Stimulus Package: What Will You Get Now
 Updated 
Jun 19, 2025
Key Takeaways:
  • The new COVID stimulus package offers assistance for individuals, families and businesses.
  • Cash payments and expanded unemployment benefits can help you meet expenses.
  • Evictions and foreclosures have been halted to keep people in their homes during the pandemic.

What coronavirus benefits are available to you if COVID impacts your finances this year?  Can you expect help with your debts if you or a family member becomes seriously ill? Or if your employer goes out of business?

In 2020, a $2 trillion coronavirus relief bill was signed – the largest emergency spending package in U.S. history. The stimulus bill provided aid for struggling industries, help for workers, and assistance to homeowners, renters, the unemployed, and low-income individuals. 

However, most of that aid expired and is no longer available in 2022. 

The following information explains the coronavirus stimulus package and focuses on provisions in the bill to help everyday workers and families. However, in 2022, most assistance is coming from the private sector – and if you experience debt problems, you’ll probably have better luck negotiating with creditors than applying for expired programs with the government. 

Cash assistance for individuals and families

Under the new stimulus package, qualifying adults will receive a second stimulus check of up to $600 and an additional $600 per qualifying child*. This is lower than the $1,200 cap per eligible adult, but up from the $500 per dependent child we saw with the first check.

The same income limits seen in the CARES Act apply here. So, if you earn more than $75,000, you’ll receive less than $600 or nothing, depending on your entire income. If you’re a married couple who earns up to $150,000, you may receive $1,200.

Unemployment insurance benefits

To provide relief for workers who have been affected by the pandemic, the CARES Act offered an additional $600 per week in special unemployment insurance benefits. This was on top of traditional unemployment benefits, which are state-dependent and usually range from $200 to $500.

The new stimulus package would offer $300 per week in additional federal unemployment benefits for 11 weeks, through March 14, 2021. Keep in mind that payments will not be retroactive. If you earned a minimum of $5,000 per year in self-employment income, but do not qualify for the Pandemic Unemployment Assistance benefit, you’ll receive $100 weekly.

Eviction protection

The new stimulus will extend the moratorium on evictions (set to expire at the end of this year) to January 31. It also includes $25 billion emergency rental assistance. However, it’s currently unclear how the money will be distributed.

Nutrition assistance

Under the Supplemental Nutrition Assistance Program or SNAP, needy families receive benefits to supplement their food budget. The goal is to encourage recipients to purchase healthy food. The new bill will provide $13 billion in increased benefits for this program.

Small business loans

To support hard hit small businesses, the bill would reopen the Paycheck Protection Program, which stopped accepting applications for the first round of loans in August. In addition, the PPP will designate $15 billion for independent movie theaters, cultural institutions, and live venues while expanding eligibility to non-profits, TV and radio broadcasters, and local newspapers.

Vaccine funding

Now that the vaccines have finally made their debut, the new stimulus will allocate $20 billion for vaccine funding, to ensure vaccines will be available for those who need them, free of charge. Another $8 billion will be used for distribution and $20 billion for testing.

What you can do to shore up your finances

A check for $600 dollars is not going to solve every financial problem working Americans have. But, now that you know what to expect from the new coronavirus stimulus package, here are some more ideas to help you make the most out of all the benefits that should be included in the new package.

  • Use your stimulus check wisely: It may be tempting to use your stimulus check to splurge on something you have been wanting for a while. But it’s best to keep your belt tight and try to stay focused on your long-term financial health if possible. So, if you don’t need the money for immediate necessities, consider putting the extra cash toward your debt, an emergency fund, retirement, or college.

  • Continue the job hunt: If you’re unemployed, the reduced federal unemployment benefits of $300 may take a toll on your finances, especially if you were used to the $600. But try to let this motivate you to continue your job search. Add relevant keywords to your LinkedIn profile, resume, and cover letter, keep an eye on social media for opportunities, and network with friends, family, acquaintances, and former co-workers.

  • Focus on your student loans: Unfortunately, it looks like the stimulus package does not include measures for student loan forgiveness. Therefore, it’s in your best interest to continue to make your payments if you’re able.

  • Create a plan for rent payments: If you’re a renter and worried about how you’ll make your payments in the coming months since the federal moratorium on evictions has only been extended to the end of January, come up with a game plan. Review your lease to determine if there are any financial hardship clauses that could help you out. Inform your landlord about the situation and try to negotiate, or reduce some of your other expenses and pick up a side gig.

Need help with your finances during this time of uncertainty? We’re here for you.

The second coronavirus stimulus package should help ease some of your financial stress. But if you’re struggling with your debt or concerned about making your payments, you may want to take additional actions. Freedom Debt Relief is here to help you explore your options, including our debt relief program. Our Certified Debt Consultants can help you get a stronger financial footing and chart a path toward a better financial future. Find out if you qualify.

*Editor’s Note, December 28, 2020: As of Monday, December 28, President Trump has signed the coronavirus relief bill into law. However, delays in the signing may cause some benefits to be delayed or shortened. In addition, the president has also requested an increase in the stimulus check amount  from $600 to $2,000. Votes in Congress are pending at time of writing.

Learn More

We looked at a sample of data from Freedom Debt Relief of people seeking a debt relief program during May 2025. The data uncovers various trends and statistics about people seeking debt help.

Credit card balances by age group for those seeking debt relief

How do credit card balances vary across different age groups? In May 2025, people seeking debt relief showed the following trends in their open credit card tradelines and average credit card balances:

  • Ages 18-25: Average balance of $9,117 with a monthly payment of $274

  • Ages 26-35: Average balance of $12,438 with a monthly payment of $380

  • Ages 36-50: Average balance of $15,436 with a monthly payment of $431

  • Ages 51-65: Average balance of $16,159 with a monthly payment of $528

  • Ages 65+: Average balance of $16,546 with a monthly payment of $498

These figures show that credit card debt can affect anyone, regardless of age. Managing credit card debt can be challenging, whether you're just starting out or nearing retirement.

Personal loan balances – average debt by selected states

Personal loans are one type of installment loans. Generally you borrow at a fixed rate with a fixed monthly payment.

In May 2025, 44% of the debt relief seekers had a personal loan. The average personal loan was $10,718, and the average monthly payment was $362.

Here's a quick look at the top five states by average personal loan balance.

State% with personal loanAvg personal loan balanceAverage personal loan original amountAvg personal loan monthly payment
Massachusetts42%$14,653$21,431$474
Connecticut44%$13,546$21,163$475
New York37%$13,499$20,464$447
New Hampshire49%$13,206$18,625$410
Minnesota44%$12,944$18,836$470

Personal loans are an important financial tool. You can use them for debt consolidation. You can also use them to make large purchases, do home improvements, or for other purposes.

Tackle Financial Challenges

Don’t let debt overwhelm you. Learn more about debt relief options. They can help you tackle your financial challenges. This is true whether you have high credit card balances or many tradelines. Start your path to recovery with the first step.

Show source

Author Information

Anna Baluch

Written by

Anna Baluch

Anna Baluch is a freelance writer who enjoys writing about all personal finance topics. She’s particularly interested in mortgages, retirement, insurance, and investing.