What Does The Third Stimulus Package Means For Gigsters?

After weeks of waiting, the third stimulus package is finally here! And gig workers want to know if they’re eligible for a slice of the $2 trillion relief package pie. You’ll be happy to learn that the answer is “yes.” The $2 trillion relief package is sending money directly to eligible Americans’ bank accounts, expanding unemployment coverage and a number of other changes that will impact gig workers in a big way.

Although the third stimulus package will benefit gigsters working in the gig economy (Yay!), gig workers still have concerns. Here are 6 of the biggest questions, along with the answers:

Are gig workers covered in the expanded program?

The CARES Act gives states the option of extending unemployment compensation to gig workers who are ordinarily ineligible for unemployment benefits. Gig workers are also eligible for federal unemployment benefits through the pandemic unemployment assistance program.

If gig workers filed a tax return in 2019 or 2020, they are eligible for the stimulus check.

How much will the third stimulus check be for gigsters?

How much gig workers receive depends on a variety of factors including whether or not you are a dependent or have dependents, your marital status, how much money you make, and if you filed a 2019 or 2020 tax return. Here is a handy Third Stimulus Check Calculator to estimate your check amount.

Do I have to apply to receive a payment?

If the Internal Revenue Service has your bank account information from your 2020 or 2019 tax return, the stimulus check will be direct deposited to your bank account. This is also true for people who receive Social Security retirement, survivor or disability benefits and Supplemental Security Income.

If your direct deposit information has changed or you are adding it for the first time, enter your bank account information on the I.R.S. Get My Payment web page.

How much will gigsters receive in federal unemployment payments and for how long?

The American Rescue Plan Act (ARPA) that was signed into law on March 11, provides eligible gig workers an additional $300 per week in addition to any state unemployment benefits from March 15 to Sept. 6, 2021.

How long and how much will gig workers receive in state unemployment benefits?

COVID-19 unemployment insurance benefits differ state to state. This interactive U.S. unemployment insurance relief map will give you information for your particular state. Contact your state’s unemployment agency as soon as you become unemployed. Claims may be filed in person, by telephone, or online depending on where you live.

Do gig workers need to pay taxes on unemployment benefits?

The first $10,200 of unemployment benefits received in 2020 is tax-free for gig workers with adjusted gross incomes (AGI) below $150,000. If you are a gig worker who qualifies for the tax-free benefit and you already filed taxes for 2020, most likely you will need to file an amended return.

Between the availability of vaccines and the third COVID relief package, gig workers and the rest of the country are finally walking through the other side of the pandemic. If you want to return to the workforce or simply want to earn extra money to pay down debt, consider joining the gig economy. GigWorx has a variety of flexible jobs that will match your skills, interests, and availability with great local companies. New opportunities are sent right to your phone! Join now.

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