The CARES Act

OVERVIEW & MAJOR PROVISIONS FOR INDIVIDUALS

$2 Trillion Package

• Through the Federal Reserve potential for additional $4 trillion in support for the economy

• Referred to as the “Phase 3” Bill

Automatic Payments to Individual Taxpayers

• $1,200 per individual ($2,400 joint return) + $500 per child

• Phased out for incomes above $75,000 ($150,000 joint)

Expanded Unemployment

• Most restrictions on eligibility suspended if related to COVID-19

• Additional $600 per week on top of regular state benefit (through July 31)

• Eligibility ends when individual can return to work

• Benefits provided through State UI offices

This information is intended solely for general educational purposes. It is not intended for the purpose of providing specific investment advice to any particular recipient. Further, it is important to understand that only an Enrolled Agent, CPA or Attorney is able to provide tax advice. Although the financial planning process may provide a useful starting point for tax considerations, a professional licensed to represent clients in front of the IRS should be consulted prior to implementing any of the suggestions provided by your financial advisor.

The CARES Act

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