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Research Outline
Prepared for Sarah L. | Delivered March 24, 2020
2020 Economic Stimulus Plan
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Goals
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.
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Early Findings
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.
T
h
e
bill provides funding, forgivable bridge loans; and additional technical assistance for
small businesses
.
T
h
e
bill also provides
$1,200
in tax rebates for individuals, with additional payments of $500 for reach qualifying child.
T
h
e
rebate begins to phase out when the income of individuals exceed $75,000 (or $150,000 for joint filers).
T
h
e
bill provides limits on employers' requirements to provide
paid leave
.
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h
e
bill 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".
T
h
e
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.
T
h
e
CARES Act is the
third legislative package
in response to coronavirus.
T
h
e
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.
Summary of Findings
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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