$2 Trillion Rescue Package to Combat Coronavirus – Coronavirus Aid, Relief, and Economic Security (CARES) Act
On March 27, 2020, President Trump signed into law the CARES Act worth more than $2 Trillion to stimulate the economy from the effects of the Coronavirus. To provide tax relief to individuals and businesses, the Act: Makes available checks for individuals of up to $1,200 per adult and $500 per child (subject to a phase out based on prior year tax returns). The credit starts to phase out at $75,000 adjusted gross income for single taxpayers and $150,000 for married filing joint taxpayers.