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The CARES Act, Coronavirus Relief Bill
As we continue to quarantine and practice social distancing The CARES Act, Coronavirus Relief Bill has been signed into law. The $2 Trillion Aid Package will provide relief to Individuals, Small businesses, Big Businesses, State and Local Governments, Public Health, Education and $26 Billion for a Safety Net, which includes, Child Nutrition, Food Stamps and Food Banks. Here is a breakdown summary of the aid relief: Individuals can plan to see a one time payment of $1,200 for single filers who make $75,000 or less with a complete phaseout with an AGI of $99,001. MFJ will see $2,400 with an additional $500 per child (Under age 17) for both Single and MFJ. MFJ will completely phase out with an AGI of $198,001. They hope to get checks out within the next 3 weeks and will go by either your 2019 tax filing or 2018 return if you have yet to file for 2019. People who only have social security are also eligible and will be based on information provided by the Social Security Administration. Extra Federal Unemployment Payments: States will pay unemployment for those who qualify under their state guidelines and with the bill individuals will receive and extra $600 a week from the federal government above ... more
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