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Breaking down the CARES Act: What the coronavirus stimulus bill does

Breaking down the CARES Act: What the coronavirus stimulus bill does

Breaking down the CARES Act: What the coronavirus stimulus bill does
April 02
10:00 2020

On March 27, President Donald Trump signed a $2 trillion coronavirus relief bill — also known as the Coronavirus Aid, Relief and Economic Stimulus Act — which aims to give economic relief to people and businesses impacted by the coronavirus outbreak.
Most Americans will receive a $1,200 check

One of the biggest things in the CARES Act is that most Americans can expect to get a check for $1,200 from the Internal Revenue Service. You can calculate how much you will get through a checker from the Washington Post.

Individuals with adjusted gross incomes of up to $75,000 will receive a check for $1,200, according to the Washington Post. Married couples can receive a check for $2,400 if their adjusted gross income is under $150,000. The IRS will use direct deposit information from 2019 tax returns to distribute checks and if the IRS does not have your direct deposit information, it will mail you a check, according to the Washington Post.

There are limitations to who will be receiving a check, however. If you were claimed as a dependent on someone else’s tax return, people who are wealthy and “nonresident aliens” may not receive payments.

Unemployment insurance program is extended

Under the CARES Act, the unemployment insurance program will be extended, according to Forbes. The Act will provide $250 billion to extend the program and workers will be offered an additional $600 per week for four months, on top of what state programs pay.

It also extends unemployment benefits through Dec. 31 for eligible workers and under the Act, all these provisions applies to people who are self-employed, independent contractors and gig economy workers.

Small businesses receive help

Small businesses will see some help through the CARES Act as $350 billion will be used to prevent layoffs and business closures while people work from home.

Businesses with 500 employees or less that keep payroll during the pandemic can receive up to eight weeks of cash-flow assistance and if employers keep payroll, a portion of the loans used for covered payroll costs, interest on mortgage obligations, rent and utilities would be forgiven.

Hospitals to receive funding

The CARES Act provides $140 billion to the U.S. healthcare system — $100 billion of which will go directly to hospitals themselves, according to Forbes.

The rest of that $140 billion will be used to provide personal protective equipment, testing supplies, increased workforce and training and supporting the CDC, among other things.

Coronavirus testing and potential vaccines will also be covered at no cost to patients under the Act.

Courtesy Erin Schaff

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Lizzy Spangler

Lizzy Spangler

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