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Summary of the CARES Act - H. R. 748
March 30th, 2020


This is a summary of only the individual and workforce provisions contained within H.R. 748, which passed the Senate on Wednesday, March 25th. The full legislative text of the CARES Act will be posted on www.Congress.gov and will be accessible by searching H.R. 748.


Money for Americans Now. This comes in the form of a one-time direct deposit or check of $1,200 per individual and $500 per child. All Americans, include those with no income, are eligible. However, for higher income earners, starting at $75,000 for individuals, $112,500 for head of household, and $150,000 for married couples, the amount of the direct deposit or check is phased out by $5 for each $100 exceeding the phase-out threshold. This rebate gradually drops to zero for incomes exceeding $99,000 per year for individuals, $146,500 for head of household filers, and $198,000 for joint filers.

Loosens Rules on Retirement Accounts. Older Americans that are subject to mandatory minimum distributions from their retirement accounts would be able to keep their capital invested instead of being forced to cash out to draw on that capital without penalty, which would be suspended for 2020. Similarly, the CARES Act also waives the 10% penalty on coronavirus-related early distributions from 401(k)s and IRAs, which applies to distributions made at any time during 2020.


Unemployment Benefits for More Americans. The CARES Act will make sure self employed and independent contractors like Uber drivers and gig workers can receive unemployment. It also ensures state and local governments and non-profits can pay unemployment to their employees.

More Money for a Longer Period for More Workers. It also makes benefits more generous by adding $600 per week on top of what the state normally pays in unemployment and provides an additional 13 weeks of benefits.


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