The FAQs: How the Stimulus Bill Affects Churches and Individuals
What just happened?
On Friday, March 27, Congress passed and President Trump signed into law the 247-page Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third of five emergency supplemental bills that Congress has passed or is preparing in response to the COVID-19 pandemic.
This relief bill is the biggest fiscal stimulus package in modern American history.
How does this legislation affect individuals?
The most noticeable effect for most Americans will be a rebate on their taxes that will come in the form of a direct payment.
Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400, and an additional $500 per each child younger than 17. The payment would s...