2020 Economic Stimulus Plan
To find information about the details of the 2020 Economic Stimulus Act including who qualifies for it, income limits, whether it is based on 2018 tax returns, and how/when the money would be provided.
Overview of the Act
- The Coronavirus Aid, Relief, and Economic Security Act or the CARES Act is a "bill to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic" and is yet to be passed by congress.
- The bill, a $1 trillion economic stimulus plan was introduced into Congress by senate majority leader, Senator on March 19, 2020, and it is still in the first stage of the legislative process.
The bill provides emergency loans to distressed businesses, such as airlines, and suspends certain aviation taxes.
- The bill provides funding, forgivable bridge loans; and additional technical assistance for small businesses.
- The bill also provides $1,200 in tax rebates for individuals, with additional payments of $500 for reach qualifying child. The rebate begins to phase out when the income of individuals exceed $75,000 (or $150,000 for joint filers).
The bill provides limits on employers' requirements to provide paid leave.
provides "special rules for certain tax-favored withdrawals from retirement plans; delays due dates for employer payroll taxes and estimated tax payments for corporations; and revises other provisions, including those related to losses, charitable deductions, and business interest".
- The bill
provides for the temporary suspension of repayments for federal student loans and authorizes the Department of the Treasury to provide temporary guarantee for money-market funds.
- The CARES Act is the third legislative package in response to coronavirus. The first was an $8.3 billion emergency funding bill that was signed into law by President Trump on March 6 and the second was the Families First Coronavirus Response Act, which was signed into law on March 18.
Our preliminary has provided a summary of the bill. Further research is required to analyze the bill document in order to find details about who qualifies for it, income limits, whether it is based on 2018 tax returns, and how/when the money would be provided. Although multiple media sources reported the initial $850 billion stimulus package plan by the Trump administration, there is no official press releases from the White House regarding it.
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