Lexology March 27, 2020
As of Friday, March 27, 2020 Congress passed, and President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) a $2 trillion stimulus package which provides a broad range of economic relief measures for individuals, businesses and industries affected by the COVID-19 pandemic.
Aid to Individuals
- Recovery checks will be issued in amounts up to $1,200 for individuals, $2,400 for married couples and $500/child (phasing out after income threshold of $75,000 for single filers and $150,000 for joint filers, with a complete phased-out for single filers with incomes exceeding $99,000 and $198,000 for joint filers).
- Unemployment compensation benefits in an amount equal to $600 per week, in addition to any existing state benefits,...
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