- I was laid off last December and I could not afford the COBRA health insurance, but I see there is new funding for COBRA that even includes helping to pay premiums in some cases. Can I change my mind and select COBRA now?
- Things are not going so good for my small business. The economy is slow and now so is my business. Is there stimulus money to help me make payroll until the economy turns around?
- I just graduated as a nurse practitioner and I have large school loans. I heard that the stimulus package includes student loan repayment for those with degrees in the health fields. Is this true?
- I need a job! Is the American Recovery act creating any jobs in Ohio?
I had my first reference question this week from someone hoping that the recovery money might help them. They did not know where to begin and called the University of Akron School Of Law Library for assistance.
QUESTION: Is there recovery money available for individuals?
ANSWER: Yes! There is! I pointed the caller in the right direction and decided that others may have similar questions.
Where To Look
Two web sites that you must bookmark and check often for information about the American Recovery and Reinvestment Act of 2009 (also known as the "Stimulus Package") is the Federal Recovery web site and the Ohio Recovery web site.
At the Federal Recovery site, programs for individuals are found under the OPPORTUNITIES link at the top of the page. At the Ohio Recovery site, click on INDIVIDUALS, also at the top of the page. For a chart listing recovery funded programs available to individuals click on the Individual Program Chart on the right side of the Ohio Recovery page. This chart will be updated when further federal money is available.
Take time to explore these web sites. There is a wealth of information available. The web sites have search boxes to search for more information and there are sign-up options to receive e-mail updates. Don't forget to look at the FAQ link at the top of the web pages for answers to Frequently Asked Questions. New information is constantly being added to these two sites. Both web sites were updated right before my eyes as I was using them to write this post!
The benefits for individuals from the Recovery Act are wide ranging and hopefully will help those in need. Here are some of the major areas, so far, receiving stimulus funds:
- *Job training and services to find jobs.
- *Unemployment benefits have been extended and the weekly benefit has increased.
- *COBRA health insurance – increase in subsidies and an additional 60 days to select COBRA.
- *Small business loans for struggling companies (just became available on June 15th).
- *Low-income senior citizens assistance
- *Foreclosure assistance (Save The Dream program)
- *Food stamp programs
- *Programs offered by Jobs and Family Services such as Medicaid benefits, child care and health care.
- *Some home improvement for weatherizing and insulating.
How Much is Coming to Ohio?
Federal stimulus funds coming to Ohio= $4,521,243,063, so far!
Here are just a few recent press releases describing the Recovery money heading our way.
June 15 – Ohio Department of Transportation's Stimulus Investments Spurring Construction-Related Jobs
June 10 – Health and Human Services Announces Availability of $200 Million to Support Student Loan Repayments
June 3 - U.S. Department of Labor announces more than $100 million in Recovery Act funds to help Ohio's unemployed workers This includes "an increase modification to an existing grant to assist approximately 700 additional workers affected by layoffs at the Chrysler Twinsburg Stamping Plant."
More press releases about funds for Ohio can be found here.
How to get the Funds?
Most of the funds are distributed through the normal channels such as Ohio agencies and programs (Jobs & Family Services for example) and through Federal agencies and programs. These agencies will have extra funds to distribute. See here for distribution descriptions in Ohio.
Small Business Loans, however, can be applied for at specific banks. Here is a description of the types of loans funded through the Recovery Act. More here and more here.
In some cases, the funds are only available up to a certain date OR as long as funds are available. So if you think you can qualify act on the opportunity quickly.
Legal Stuff
For those interest in viewing the full text of The American Recovery and Reinvestment Act of 2009 it is found here. After clicking you will see the link to the law on the left and a comment box on the right where you can submit comments to the White House. The law is 407 pages long so you may wish to just read it online or download it instead of printing the entire act.
Answers to questions:
- COBRA Stimulus Information – The COBRA Stimulus includes a premium reduction of up to 65% and an additional 60 days to select the COBRA insurance for those who did not select it previously. More information here if you are unemployed.
- SBA America's Recovery Capital (ARC) Loans are one type of loan for struggling small businesses. These loans have just became available on June 15th. The SBA Participant Lender Fact Sheet lists participating Ohio Banks. More here and here and here.
- Student Loan Repayment
- For jobs created by the Federal Recovery Act and Ohio's Job Stimulus Plan, visit the Jobs and Family Services web site, the Ohio Means Jobs web page, the Ohio Dept. of Development site, and USAJobs.gov.
