Category: CARES
What the $2 Trillion CARES Act Means for You
The CARES Act was signed into law on March 27th, 2020, and is designed to ease the financial burden placed on individuals, businesses, and other organizations created by the coronavirus, otherwise known as COVID-19. The bill separates into two distinct areas – programs and protections for individuals, and programs and protections for businesses and other organizations. Below, we’ll outline the main outcomes of the bill in each area. Keep in mind that this legislation has just passed, and everyone is rushing to interpret the 830-page bill. It’s likely that the outcomes and interpretations by the various government agencies may change in the coming months, but here’s what we know now. Programs and Protections for Individuals Direct Payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400. In addition, you can receive $500 per child. For individuals, payments are phased out starting at $75,000 in adjusted gross income (AGI), and individuals whose adjusted gross income is more than $99,000 will not receive a stimulus check. The phase-out for couples begins at $150,000 and couples with an AGI of more than $198,000 will not receive a check. The number of dependent children you have can raise these amounts. These amounts are based on your 2019 taxes, or, if you have not yet filed for 2019, your 2018 taxes. People who receive Social Security are still eligible. They don't need to
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