House Passes $2 Trillion CARES Act

Mar 27, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act passed the House of Representatives today by a voice vote. The bill now moves to President Trump for his signature. 

Congress passed the $2.2 trillion CARES Act as an emergency relief package in response to the needs created by the coronavirus public health crisis and associated economic fallout. The emergency relief package provides tax rebates, expanded unemployment benefits, and numerous tax-relief provisions aimed at shoring up individual, family, and business finances, among other provisions.

There are six main groups that would see the widest-reaching impact: individuals, small businesses, big corporations, hospitals and public health, federal safety net, state and local governments, and education.

The CARES Act includes direct payments to qualified individuals with checks of $1,200 for individuals, $2,400 for couples, and $500 for children available for those with incomes at or below $75,000 individual/$112,500 head of household/$150,000 filing jointly. Payments are phased out above those thresholds until it is phased out completely for single taxpayers with incomes exceeding $99,000 and $198,000 for joint filers. 

Senate Majority Leader Mitch McConnell, R-Ky., said, “No economic policy can fully end the hardship so long as the public health requires that we put so much of our commerce on ice. This isn't even a stimulus package. It is emergency relief. Emergency relief. That’s what this is.” 

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