Once the framework was finalized, it didn’t take long for Congress and President Donald Trump to sign off on a massive stimulus package to help blunt the impact coronavirus has had on the country this month.
On Friday, President Trump signed the $2.2 trillion Coronavirus Aid, Relief and Economic Security, or CARES Act, which is designed to give instant relief to individuals and families as well as businesses, hospitals and local levels of government.
The bill will now:
*Send out direct payments to individuals and couples. People getting up to $75,000 in adjusted gross income will get $1,200 each. Married couples getting up to $150,000 will get $2,400 and an additional $500 per child. Payments go down from there and phase out completely at $99,000 for individuals and $198,000 for couples.
*Set aside $100 billion for hospitals
*Set aside 150 billion for local and state stimulus initiatives
*Set aside $350 billion for small businesses
*Set aside $500 billion to corporations
Also, Americans with student loan debt will have a six-month reprieve if they decide not to make their monthly payments. Lenders have to stop all payments. Interest will not accrue and not paying loans will not impact credit scores during this period.
Separately, the Food and Drug Administration has authorized the emergency use of modified anesthesia machines and positive pressure breathing devices to be used as ventilators — equipment in short supply as the pandemic continues. It has also approved a 15-minute COVID-19 test from Abbott Laboratories, which expects to deliver as many as 50,000 tests per day starting in the next week.
