Included are direct payments to many Americans. Individuals are eligible for up to $1,200 and couples would receive up to $2,400 — plus $500 per child.
But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything. The income thresholds are doubled for married couples.
Income would generally be based on one's 2019 or 2018 tax returns.
The money will likely be deposited directly into individuals' bank accounts — as long as they've already authorized the IRS to send their tax refund that way over the past two years. If not, the IRS would send out checks in the mail.
The White House has said they hope to begin distributing cash quickly, but it may take weeks before the bulk of payments go out.
4:27 p.m. ET, March 27, 2020
US stocks close lower, but post historical weekly gains
From CNN’s Anneken Tappe
US stocks finished the session in the red on Friday, but that didn’t keep major indexes from posting one of their best weeks ever after a monstrous rally between Tuesday and Thursday.
Here's where things stand:
The Dow closed 915 points, or 4.1%, lower. It recorded its best week since June 1938, gaining 12.8%.
The S&P 500 finished down 3.4%, for a weekly gain of 10.3% — its best since March 2009.
The Nasdaq Composite fell 3.8%. On the week it’s up 9.1% — its best performance since March 2009.
Remember: As stocks settle after the trading day, levels might still change slightly.
4:21 p.m. ET, March 27, 2020
Illinois governor says Trump's comments about ventilators could be "deadly"
From CNN's Hollie Silverman
Illinois Gov. J.B. Pritzker said President Trump's comments about ventilators during a television appearance Thursday could be "deadly."
Pritzker said that Trump questioned whether more ventilators were needed during an appearance the same day the US reported more cases than China and Italy.
"At worst the comments are deadly," Pritzker said.
He said his state is still working to obtain more personal protective equipment and supplies, including ventilators, at the recommendation of epidemiologists and doctors on the front lines of the pandemic.
4:11 p.m. ET, March 27, 2020
Trump invokes the Defense Production Act on General Motors to supply ventilators
From CNN's Matthew Hoye
President Trump has invoked the Defense Production Act for the first time, requiring General Motors to supply ventilators.
"Today, I signed a Presidential Memorandum directing the Secretary of Health and Human Services to use any and all authority available under the Defense Production Act to require General Motors to accept, perform, and prioritize federal contracts for ventilators," Trump said in a statement.
Some context: US automakers have come to the rescue when the nation has faced supply shortages during wartime in the past. Ford built heavy bomber airplanes and GM built amphibious assault craft, among other things. So it seems only natural that, in the rush to address the critical shortage of ventilators in the US due to the coronavirus pandemic, automakers would again be among the first to answer the call to help.
But switching from cars to ventilators is not so easy. Ventilators are complex machines that use sophisticated software and specialized parts, and companies that seek to manufacture them face several hurdles — including intellectual property rights, the need for specially trained workers, regulatory approvals and safety considerations.
4:15 p.m. ET, March 27, 2020
Illinois reports 488 new cases of coronavirus
At least 488 new cases of coronavirus have been identified in Illinois Friday, bringing the state total to 3026 cases, a news release from the Illinois Department of Public Health said.
Eight new deaths were reported, bringing the number of deaths to 34, the release said.
Patients with confirmed cases range in age from under 1 to 99, according to the release.
About 86% of fatalities are in those older than 60, the release said.
4:10 p.m. ET, March 27, 2020
Army Corps of Engineers will convert Chicago convention center to treat coronavirus patients
From CNN's Ryan Browne
The Army Corps of Engineers said it will convert a Chicago convention center to treat 3,000 coronavirus patients.
The head of the Army Corps of Engineers said Friday that the military is working to convert the Chicago McCormick Place convention center into a hospital capable of treating some 3,000 coronavirus patients.
“What we’re doing in McCormick—we basically got turned on by FEMA to do a $75 million build,” Lt. Gen. Todd Semonite told reporters at the Pentagon Friday.
“Our goal is to have that one done somewhere around the 24th April,” he said, adding that the new hospital will be treating some 3,000 patients and that those patients will all be coronavirus related.
“All Covid...I did not think we could meet the Covid standard in a big building but my engineers are telling we think we’ve got the capability to do that,” Semonite said.
The Army Corps of Engineers will not be treating coronavirus patients at the Javits center in New York
4:03 p.m. ET, March 27, 2020
Disneyland and Walt Disney World will remain closed "until further notice"
From CNN's Richard Davis
Disneyland in California and Walt Disney World in Florida will remain closed until further notice, according to a statement from The Walt Disney Company.