Our partners at One Ohio Now put together a 1 page overview of the federal CARES Legislation passed on Friday March 27, 2020.

The COVID-19 crisis will have long-term economic fallout for public institutions as a result of depressed public revenues. Through strong federal action, the fallout can be mitigated. This $2.2 trillion legislation seeks to provide aid and relief for Americans, states, and business. While $2.2 trillion may be a substantial investment, when it is broken down, we can see that there will likely be more.

Also note that if a household didn’t file an income tax return, they will likely not receive an individual cash payment.

Here are some highlights of the legislation:

States and Local Government:

$454 billion budget stabilization fund that allows the US treasury to purchase obligations of local and state governments.
$150 billion in direct aid to states and other governments for COVID-19 related expenses.
$13.5 billion for primary and secondary education.
$25 billion for transit providers.
$14.3 billion for higher education.

Business breaks:

$200 billion to allow businesses to retroactively lower past income and receive rebates.
$200 billion in loans to industries directly impacted by the COVID-19 crisis.
Develops loan forgiveness rules and adjustments to bankruptcy claims.
50% refundable payroll tax credit for some businesses.
$130 billion in grants to healthcare providers.

Unemployment compensation:

Increases unemployment compensation temporarily by $600 a week.
Extends unemployment compensation by 13 weeks.
Opens up eligibility to independent contractors, gig workers, and freelancers (50% of state average benefit and the $600).
Expands eligibility to those who are quarantined or self-quarantined.

Individuals:

$1,200 for all individuals who filed taxes in 2018 or 2019 making less than $75,000 ($150,000 for married couple). Phased down for individuals who earn between $75,000 and $99,000.*
$500 for each qualifying child.
Waives some penalties and rules for early withdrawal of retirement funds.

*They will use 2018 or 2019 tax return data to generate and mail checks. Low-income taxpayers should be encouraged to file - even if not required.