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A look at the tax implications of COVID-19 relief

To save themselves and their businesses, many businesses were forced to shut down or lay off large numbers of workers during the first wave of the pandemic. It led to a spike in unemployment figures and caused a spike in income losses for many Americans in 2020. The 3 rounds of stimulus checks helped citizens recover to some extent.

Many people are still suffering despite the economy’s apparent recovery from its lows of the previous two years.

As many people defaulted on their home rents in the early months of the pandemic, they risked becoming homeless for the first time in their lives. Measures put in place, however, ensured that didn’t happen.

Options for home loan borrowers to put their loans into forbearance were put in place to protect them. A federal ban on eviction was also enforced, preventing landlords from evicting tenants for not paying their rent.

But the federal ban expired last summer, placing the tenants at renewed risk. The stimulus checks have also dried up. As a result of the latest two packages, $45 billion will be available to help those in need of housing. This was made available to tenants so they could keep up with their repayment schedule.

Rental Assistance for Tenants in Salt Lake County Is to Receive a Stimulus Payout.

The funds were disbursed to each step on its own. Renters in each state were given the responsibility of setting up assistance programmes and allocating funds based on their requests.

In the distribution of federal funds, some states took a more active role. As a result, Salt Lake County in Utah was a major player. This county is receiving another amount to help tenants avoid eviction.

Rental assistance programmes in Salt Lake County will receive an additional $10 million in stimulus money. Additionally, this county is launching a new programme with two non-profit organisations that are at the forefront of helping struggling tenants.

The stimulus check can be obtained by county residents by going to the Utah Rent Relief website. Only those whose pre-pandemic income was at least 80 percent lower than their current income are eligible for aid.