North Texas Daily

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

About Author

Lizzy Spangler

Lizzy Spangler

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

The Roundup

<script id="mcjs">!function(c,h,i,m,p){m=c.createElement(h),p=c.getElementsByTagName(h)[0],m.async=1,m.src=i,p.parentNode.insertBefore(m,p)}(document,"script","");</script>

Search Bar

Sidebar Thumbnails Ad

Twitter Feed

North Texas Daily @ntdaily
SPORTS: Men’s basketball defeats Texas-El Paso for third straight win📝: Jillian Nachtigal - @jillnachtigal 📸: Matt Iaia - @iaiaphotographyRead more:
h J R
North Texas Daily @ntdaily
@jillnachtigal: Back in the Super Pit where North Texas MBB will take on University of Texas-El Paso.North Texas still holds the No. 2 spot in the conference with a 8-3 record. UTEP is No. 6 with a 4-5 record.Tip-off in 30 mins! Updates below⬇️ @ntdaily
h J R
North Texas Daily @ntdaily
SPORTS: Men’s basketball wins close contest over Texas-San Antonio📝: Jillian Nachtigal - @jillnachtigal 📸: Maria Crane - @mariacranemediaRead more:
h J R
North Texas Daily @ntdaily
OPINION: Music’s multifaceted benefits create more accessible options for patients📝: Madelynn Todd - @madelynn7694 🖼️: Erika Sevilla - @jasperbeeeRead more:
h J R
North Texas Daily @ntdaily
THE DOSE: Mac DeMarco serves mellow monotony in ‘Five Easy Hot Dogs’📝: Samantha Thornfelt - @samthornfelt 🖼️: Erika Sevilla - @jasperbeeeRead more:
h J R

Sidebar Bottom Block Ad

Flytedesk Ad