President Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act today. The CARES Act includes a one-time payout as detailed below:
– Adults: $1,200 Child: $500
– The check will get smaller for those earning over $75,000 a year based on 2018 tax returns.
Payments phase out at a rate of $5 per every additional $100 in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of households, and $150,000 for married couples filing jointly. For example, a single adult who earns $85,000 would get $700 (a decrease of $500 due to his or her higher income). Individuals making more than $99,000 a year or married couples making over $198,000 would not be eligible for stimulus payments.
Checks could start arriving in three weeks, said the White House.
Other provisions include the following:
The CARES Act will add $600 per week for four months on top of what the state pays for unemployment.
Delayed Tax Filing Deadline
The Income Tax filing deadline has been delayed to July 15, 2020.
Aid to Hospitals
The CARES Act includes $130 billion for hospitals dealing with a shortage in medical masks, ventilators and hospital beds ahead of an expected wave of cases. It also provides $150 billion directly to state and local governments dealing with the outbreak.
$500 billion Treasury Fund
The final deal includes a $500 billion Treasury Fund for industries affected by the virus and offers more than $300 billion in small business loans.