CARES Act aimed at relief

President Donald Trump signed the $2 trillion Coronavirus Aid, Relief and Economic Security Act into law Friday, March 27, as encouragement to Americans watching the legislation with a close eye.

CARES is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. It will provide relief to the American economy in the form of loan guarantees, direct grants and deferrals.

This relief is distributed among numerous government programs and sections of the Internal Revenue Code.

The direct payment benefit to individuals is the most widely reported.

Americans who pay taxes will receive a one-time direct deposit. Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples will each receive a check, and families will get $500 per child.

The checks start to phase down after that and disappear completely for people making more than $99,000 and couples making more than $198,000.

Small Business Administration programs are highlighted in the 880-page CARES Act that went into law late last week.

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