Trump signs $2 trillion bipartisan stimulus bill
Checks could be direct deposited in three weeks
By Rex Robinson | 3/31/2020, 5:21 p.m.
Surrounded by top cabinet members and all Republican lawmakers, President Donald J. Trump on Friday signed bipartisan legislation to provide relief to American families and workers during the Coronavirus outbreak.
White House officials said checks could be direct deposited to people's account in as early as three weeks if they have that set up with the IRS. Otherwise, it could take a bit longer if the check needs to be mailed.
Trump said he worked with Congress to secure bipartisan legislation that provides emergency relief to families an small businesses that have been impacted the Coronavirus.
The relief package totals more than $2 trillion. Trump called it the largest economic stimulus package ever adopted in the country's history.
The CARES Act provides economic relief for American families and businesses who are hurting through no fault of their own, according to a fact sheet provided by Trump’s press office.
This legislation will provide assistance to America’s healthcare workers who are on the frontline of the outbreak. It provides $100 billion for healthcare providers, including hospitals on the front lines of the COVID-19 pandemic, $27 billion to bolster life-saving capabilities, including developing vaccines and the development, purchase, and distribution of critical supplies, as well as $45 billion for the Federal Emergency Management Agency Disaster Relief Fund, more than doubling the amount available to support the President’s Emergency and Disaster Declarations to empower State, local, and tribal leaders to effectively respond to COVID-19.
This legislative package also brings financial help to American families by providing them with economic assistance during the crisis. This legislation provides tax free payments — treated as a refundable tax credit — to Americans, giving families the immediate financial support they need. The payments, according to officials, will provide $2,400 for couples earning up to $150,000, plus an additional $500 for each child. Individuals earning up to $75,000 will receive $1,200, plus an additional $500 for each child.
These payments will phase out for those earning more than $75,000, $112,500 for head of household filers, and $150,000 for married couples filing joint tax returns.The legislation also provides assistance to Americans out of work.
The CARES Act allows States to temporarily increase unemployment benefits and receive Federal reimbursement for the additional amount. Additionally, it encourages states to waive the typical one week waiting period and provides an additional 13 weeks of benefits and creates a new program to assist the self-employed and independent contractors who are unemployed due to the pandemic.
The legislation provides relief for homeowners and renters, ensuring that Americans’ homes are not threatened by the coronavirus. It enables payment forbearance for federally backed mortgages, requires a foreclosure and eviction moratorium for homeowners with such mortgages, and imposes an eviction moratorium for renters in federally supported housing. It also suspends penalties for withdrawing up to $100,000 from retirement accounts, and allows a high-deductible health plan with a health savings account to cover tele-health services prior to a patient reaching the deductible.
The legislation provides $3.5 billion in emergency funding to child care providers to stay open, keep payroll, and prioritize the child care needs of healthcare, emergency, and sanitation workers.