Known as the CARES (Coronavirus Aid, Relief, and Economic Security) Act, a $2.2 trillion coronavirus stimulus package was signed into law last week.
The CARES Act is the third piece of major legislation aimed at combatting the effects of the coronavirus—and the most expensive piece of legislation ever passed to date, more than doubling the stimulus act passed in 2009 during the financial crisis.
Broadly speaking, there are five components to the COVID-19 stimulus bill:
Included: Relief for Individuals, Businesses and States
Individual relief comes in many forms, such as:
- Direct cash payments: Most people earning less than $75,000 can expect a one-time cash payment of $1,200, plus $500 per child.
- A boost to unemployment payments: Unemployment assistance benefits will increase—$600 per…