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Category: CARES Act

What the $2 Trillion CARES Act Means for You

By Lineweaver Financial Group
April 01, 2020 Category: General, CARES, CARES Act, Stimulus

The CARES Act was signed into law on March 27th, 2020, and is designed to ease the financial burden placed on individuals, businesses, and other organizations created by the coronavirus, otherwise known as COVID-19. The bill separates into two distinct areas programs and protections for individuals, and programs and protections for businesses and other organizations. Below, well outline the main outcomes of the bill in each area. Keep in mind that this legislation has just passed, and everyone is rushing to interpret the 830-page bill. Its likely that the outcomes and interpretations by the various government agencies may change in the coming months, but heres what we know now. Programs and Protections for Individuals Direct Payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400. In addition, you can receive $500 per child. For individuals, payments are phased out starting at $75,000 in adjusted gross income

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