UPDATE: Economic Relief Plan for Individuals and Businesses

Thursday evening, Senate Republicans released the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, following the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act.
The CARES Act builds on the two former pieces of legislation by providing more robust support to both individuals and businesses, including changes to tax policy. The bill includes:​

• $300 billion allocated for Small Business Interruption Loans, which are meant to help small businesses (fewer than 500 employees) impacted by the pandemic and economic turndown make payroll and cover other expenses. Notably, small businesses may take out loans up to $10 million and cover employees making up to $100,000 per year; loans taken for this purposes are forgiven after four months if the business does not lay off its employees (forgiveness is scaled down as layoffs rise).
• A Recovery Rebate for individual taxpayers. Taxpayers with $2,500 in qualified income (defined as earned income, income from Social Security and certain pension income for veterans) qualify for a minimum rebate of $600 for singles and $1,200 for taxpayers filing jointly. From there, the rebate increases dollar-for-dollar with tax liability before credits until it reaches its maximum at $1,200 for singles and $2,400 for taxpayers filing jointly (see Chart 1). This means that refundable credits like the Child Tax Credit (CTC) and Earned Income Tax credit (EITC) are not considered when determining tax liability for the credit.

The rebate phases out at $75,000 for singles and $150,000 for joint taxpayers at 5 percent per dollar of qualified income, or $50 per $1,000 earned. It phases out entirely at $98,000 for single taxpayers and $198,000 for joint taxpayers. Additionally, taxpayers making $2,500 in qualified income with children will receive a flat $500 for each child, though this amount is also subject to the phaseout.
We estimate the rebate will decrease federal revenue by about $248 billion in 2020, according to the Tax Foundation General Equilibrium Model. This credit is one-time, but policymakers may consider additional rebates if the downturn is prolonged.

We estimate that the rebates would increase taxpayer after-tax income by about 2.05 percent, ranging from 7.11 percent at the lowest quintile and falling to 1.82 percent for the 80th to 90th percentiles. The rebate is structured progressively but does not include non-filers who tend to have lower income. The rebate would also use 2018 tax returns to determine rebate eligibility, which may not accurately reflect individual incomes in 2020. 
Table 1. Conventional Distributional Effect of Proposed Recovery Rebates in the CARES ActIncome levelPercent Change in After-Tax Income0% to 20%7.11%
20% to 40%4.31%
40% to 60%4.03%
60% to 80%2.90%
80% to 90%1.82%
90% to 95%0.65%
95% to 99%0.02%
99% to 100%0.00%
Total 2.05%
(SOURCE) READ MORE HERE:  https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/