11 Ways the CARES Act and Other Government Measures Could Help You in 2020

Hopefully, the CARES Act and other coronavirus stimulus measures will get the U.S. economy back on track. Some of the changes made could improve your own financial health in 2020, too.

(Image credit: Getty Images)

The coronavirus (COVID-19) outbreak is crushing the U.S. economy. The stock market is tanking (we're now in a bear market), businesses are closed, unemployment claims are spiking, consumer spending is down sharply, 2020 GDP estimates are dropping fast, and a recession is on the way. We're in a bad place.

But the federal government has made several moves that we all hope will turn things around. Congress and the Trump administration worked together on stimulus legislation, the Federal Reserve lowered interest rates, and the IRS provided relief to taxpayers. Other government agencies and institutions are pushing forward with additional measures to stop the bleeding and get the economy back on track. It will take time, and we have a bumpy road ahead, but action is being taken.

While some of the economic stimulus will prop up businesses, many initiatives will flood the economy with cash and directly benefit ordinary Americans who are facing a financial hit. There are also other ideas being discussed at the highest levels of government that could be rolled out later. Here are 11 coronavirus stimulus measures already in place that could help you financially in 2020. They all won't necessarily apply to you, but one or two of them could significantly impact your financial health.

TOOL: Stimulus Check Calculator

Rocky Mengle
Senior Tax Editor, Kiplinger.com

Rocky is a Senior Tax Editor for Kiplinger with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, he worked for Wolters Kluwer Tax & Accounting and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky has a law degree from the University of Connecticut and a B.A. in History from Salisbury University.