The CARES Act

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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