How will Coronavirus Aid Package (“CARES ACT”) Impact Your Family?

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The CARES Act is a stimulus package that became law last week. The Act includes measures intended to stimulate the economy and provide financial relief to individuals, as well as small businesses and large corporations.

The Act is 883 pages, but here are some quick take-aways of the measures that will most directly impact you and your family:

Direct Cash Payments and How Much You May Receive

  • Most adults are eligible to receive a one-time, direct cash payment. Payment amounts are based upon income:
  • Most people earning $75,000 or less can expect $1,200
  • Married couples without children, earning $150,000 or less can expect $2,400.
  • Add an additional $500 per qualifying child under 16.

Help for Unemployed Workers Unemployment Benefits
Most unemployed, partially unemployed and people who cannot work for a number of reasons related to the Coronavirus (COVID-19) pandemic will receive benefits.

Unemployment Benefit Term Extended by 13 Additional Weeks
The bill provides all eligible workers with 13 weeks of unemployment benefits, in addition to your state’s unemployment benefits (which are typically 26 weeks, though this varies by state).

An Additional $600 in Weekly Unemployment Benefits through July 21, 2020
Eligible individuals will receive $600 weekly in federal pandemic unemployment compensation in addition to their current state unemployment benefits for four months — through July 31, 2020.

Expansion of Unemployment Eligibility
The new law extends unemployment benefits to full time, part-time and self-employed workers, and includes provisions to support working individuals and families who have been impacted by the closing of a daycare or senior care facility.

There are also provisions for tax payments, student loans, retirement account rules and renters facing eviction.

Get More Information
This summary is not exhaustive. Please refer to the below resources and/or your trusted news outlets for more in-depth information on Coronavirus (COVID-19) and the “Coronavirus Aid, Relief, and Economic Security Act.”

Unemployment Resources and Information

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