On March 27, President Trump signed the CARES Act into law — a $2 trillion economic stimulus package that aims to provide relief to Americans experiencing financial hardship due to the COVID-19 pandemic. The bill includes direct cash to Americans, expansion of unemployment, a waiver on penalties and some rules for retirement accounts, suspension of federal student loans until Sept. 30 and more. We spoke to James Royal, an investing and wealth management reporter at Bankrate, to better understand the law and what it means for you.
What are they? The federal government is sending direct cash to most Americans as relief from the coronavirus crisis.
Who will receive payments? Individuals making $75,000 or less will receive a one-time payment of $1,200. Married couples making $150,000 or less will receive $2,400. Families will receive an additional $500 per child. These payment amounts dwindle after those income thresholds and stop altogether for individ… Read More