*a prior version of this post indicated the House vote was still pending. The House passed this legislation on March 27, 2020.
Like you, we are closely monitoring the rapid developments caused by the COVID-19 pandemic. The latest is Congress passing the Coronavirus Aid, Relief, and Economic Security Act (or “CARES” Act). We focus below on the employment-related provisions of the Act, but encourage you to continue checking our COVID-19 Resource Hub for additional updates on other aspects of the Act.
Direct Payments to Individuals
Under the Act, direct payments of $1,200 will be made to single individuals who earn $75,000 or less in adjusted gross income, and $2,400 to married couples who earn $150,000 or less in adjusted gross income, according to their 2018 tax returns or 2019 tax return if already filed. There will be an additional $500 payment per child. These payments scale down as income increases, phasing out entirely for individuals earning $99,000 and joint filers without children earning $198,000.
Increased Unemployment Benefits
The Act also provides assistance to states to administer and expand unemployment benefits.
Continue Reading UPDATE: Congress Passes Coronavirus Aid, Relief, and Economic Security Act