Economic Support during COVID-19

The Coronavirus Aid, Relief and Economic Security (CARES) Act provides:

DIRECT FINANCIAL ASSISTANCE

  • $1,200 in one-time payments to most adults making less than $75,000 per year, or $2,400 to most married couples making less than $150,000 per year
  • An additional $500 per child under 17 years of age
  • Reduced by $5 for each $100 a taxpayer’s income exceeds the income threshold with complete phaseout at $99,000 for individuals and $198,000 for joint filers
  • These payments will be issued by the IRS via direct deposit and will be based on 2019 or 2018 tax return or 2019 Social Security statement.
  • If someone has not filed a tax return in 2018 or 2019 and does not receive Social Security benefits, the IRS recommends filing a 2018 return to receive payment. If the IRS does not have the taxpayer’s bank account information, the taxpayer should look for a letter from the IRS detailing how to receive their payment

EXPANDED UNEMPLOYMENT INSURANCE

  • The federal government is increasing state unemployment insurance payment rates by $600 per week for the next four months
  • Many more Americans are now eligible to receive payments, including:
    • Self-employed workers
    • Freelancers
    • Independent contractors
    • Gig workers
    • Part-time workers
    • Parents who must care for their out-of-school children

To apply for unemployment insurance in Illinois, file your claim on the Illinois Department of Employment Security website.

SMALL BUSINESS ASSISTANCE

SUPPORT FOR HEALTH CARE SYSTEMS AND STATE & LOCAL GOVERNMENTS

  • $200 billion investment in hospitals, health systems and health research, including for purchases of additional Personal Protective Equipment (PPE) and testing supplies.
  • $150 billion for state and local governments on the front lines of the coronavirus response for the resources they desperately need during this emergency.