Athlete Career and Education

Resource Hub

Navigating the CARES Act

Things are rapidly changing, and you may be struggling to understand what resources are available to you and how you access them. Take a deep breath and know ACE and USOPC support personnel have your back. But first a couple ground rules:

  • Approach this with the right mindset, be calm.
  • Make sure you’re on legitimate websites. Remember government websites end with .gov
  • Read things carefully.
  • Gather any documents or information before you get started. We will let you know what you need below.
  • Don’t be afraid to ask for help, but be prepared for there to be long wait times. These programs were put in place quickly and the US Department of the Treasury has not detailed all of their official guidance as of this time. I’ll update this page as more information becomes available.

Contact ACE@usopc.org with questions.

Questions about COVID-19 may be answered in the Team USA Athlete FAQ: Navigating the Impact of COVID-19 at www.TeamUSA.org/coronavirus.

Getting Started

FAQs and Guides for Athletes

Laymen's Terms for How the Cares Act Applies to Athletes and Entrepreneurs

Worth Winning, a financial planning company founded by Olympic medalist and Certified Financial Planner, Lauryn Williams, has curated a blog featuring videos, links and terminology to guide athletes and entrepreneurs through unemployment, disaster loans, paycheck protection programs, small business loans and the rapidly changing landscape.

Read the blog

Team USA Athlete Cares Act FAQ - update April 6

This document explores the The CARES Act temporary Pandemic Unemployment Assistance program - a special unemployment compensation program for gig workers, independent contractors, self-employed individuals, and individuals whose work histories might not otherwise qualify - and what that means for Team USA athletes.

View the document

State and Federal Resources

Quick Hits

Unemployment Insurance

If you are struggling to digest the current financial climate and have specific questions regarding taxes, unemployment, or understanding your own finances, submit your questions. We will share your feedback with the appropriate support personnel and reply with the best answer.

Unemployment Insurance (UI) provides unemployment benefits, usually in the form of weekly payments, to eligible workers who become unemployed through no fault of their own, and meet certain other eligibility requirements. UI is administered jointly by the U.S. Department of Labor and individual states.

In March 2020, new federal law greatly expanded unemployment insurance. Many workers who were not previously covered are now eligible. You may now be eligible if any of the following are true:

  • Your employer permanently or temporarily laid you off due to coronavirus measures
  • Your employer reduced your work hours due to coronavirus measures
  • You are self-employed (most active Team USA athletes are considered self-employed) and have lost income due to coronavirus measures
  • You’re quarantined and can’t work due to coronavirus
  • You’re unable to work due to a risk of exposure to coronavirus
  • You can’t work because you’re caring for a family member due to coronavirus

What to expect if you are approved

  • Weekly payments of $600 plus the amount determined under your state law (~20-50% of previous income)
  • Up to 39 weeks of payments, depending on your state and personal status
  • Weekly or bi-weekly check-ins with your state

File in your state

Helpful Links

Financial Relief

If you are struggling to digest the current financial climate and have specific questions regarding taxes, unemployment, or understanding your own finances, submit your questions. We will share your feedback with the appropriate support personnel and reply with the best answer.

Direct Payments

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

Check your payment status

View the economic impact information center

IRS Extended the tax filing deadline to July 15

Review the ACE financial wellness page, read the Athlete Tax Cheat Sheet and download your copy of the athlete tax guide and expense workbook. Have tax questions? Eligible ACE athletes can request free advice from a volunteer tax advisor by contacting Terris Tiller at Terris.Tiller@usopc.org.

Student Loans

You may be able to temporarily stop making your payments to your federal student loans during the COVID-19 outbreak. Federal student loan borrowers can be placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. Please visit https://studentaid.gov/announcements-events/coronavirus for more information about your specific loans.

Contact your college or university and your student loan administrator to understand additional relief options.

What debt relief is available? Are my payments deferred, for how long and how do I find out?

Many businesses, specifically banks and credit card companies, are offering debt-relief options for consumers reeling from the economic fallout of the coronavirus. Call the customer service department for specific help with either personal or small business accounts.

What is forbearance?

While forbearance is not the same as forgiveness, it allows for a temporary reprieve in the event you cannot make your minimum payments. Every forbearance program is unique to both the lender and the borrower, but most usually allow for a short period of no payments (around six months) and occasionally other assistance like lower or no interest. Forbearance can be particularly helpful during a difficult period that you expect will only be temporary. However, consumers should understand that, most often, interest will continue to accrue during forbearance, so you will end up paying more over time. This option should only be exercised if you know you truly won’t be able to make your full payments.

To make the best use of forbearance, you should contact your lender, explain your situation and ask what options are available to you.

Due to the pandemic, many states have opened their Open Enrollment. View the Marketplace and enrollment options.

The ACA established Marketplaces where people not eligible for job-based benefits or Medicaid can buy private coverage with financial assistance. Citizens can buy health insurance through the Marketplace, or the Marketplace will direct you to your state’s iteration of the Marketplace. Create an account and search the marketplace for healthcare options.

Calculate your subsidy for an estimates of health insurance premiums and subsidies. The Marketplace offers premium subsidies to those who expect 2020 income will be 100%-400% FPL: $12,490-$49,960/individual and $25,750-$103,000/family of four.

Federal Disaster Assistance

Medicaid

Medicaid offers free or low-cost comprehensive coverage for people when they have a spell of low income. Select your state to be directed to your state’s version of Medicaid.

Food and Service Industry Relief Funds

Additional Support