– CARES Act (Coronavirus Aid, Relief, and Economic Security Act)
– Largest rescue package in American history
– $2 trillion total
– $300 billion to individuals
– Individuals prorated from $75K to $99K AGI
– Couples prorated from $150K to $198K AGI
– $1200 per adult and $500 per child
– $600 addition per week for unemployed
– ~90% of households (165 million) would benefit from the checks
– Payment will be non-taxable
– Steve Mnuchin, “We’re determined to get money in people’s pockets immediately. That will be within three weeks.”
– $350 billion forgiveable loan to small businesses if they keep workers employed
– $58 billion for airlines
– $100 billion of hospitals
– $20 billion for veterans
– $8.8 billion for child nutrition
– $15.5 billion for SNAP (food stamps)
– $340 billion for state and local governments
– Thomas Massie delayed vote by requesting to have a recorded vote
– “Mnuchin told reporters at a White House press briefing earlier this week that he believed the bill would keep the economy afloat for three months if the coronavirus effects are felt that long.”
– Nancy Pelosi, “We think we’ll get more direct payments in another bill.”
Links:
– Trump signs $2T coronavirus relief package
– What’s Inside The Senate’s $2 Trillion Coronavirus Aid Package
– Senate Passes $2 Trillion Coronavirus Relief Package
– F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Bill
– Mnuchin: Stimulus checks will arrive within three weeks