The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law today. Amongst other things, this means that individuals who earn $75,000 in adjusted gross income or less will 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. The payment will scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children. The Washington Post has provided a simple calculator for you to calculate what you should expect to receive, you can find your adjusted gross income on your 2019 or 2018 tax return depending on which is the most recent you have filed.
Guidance is that individuals should start receiving their checks in about 3 weeks. In addition to individual cash payments, unemployment insurance payments have been increased by $600 per week per recipient for up to four weeks and coverage has been extended to self-employed workers, independent contractors, and those with limited work history.
A more comprehensive guide to the Act provided by The Tax Foundation can be found at: