The massive $2.2 trillion CARES Act, signed into law on March 27th, includes direct cash payments, called Economic Impact Payments, to most American taxpayers, to be distributed as soon as federal officials can figure out how. The Act authorized a tax-free payment of up to $1,200 to every American worker or retiree with a Social Security Number, to include green card holders and permanent residents. The government will also pay $500 for each qualifying child in the household. You can still qualify, even if you owe back taxes, or you have defaulted on a federal student loan. The benefit does not have to be paid back

The federal government is providing sweeping relief to most federal student loan borrowers. The CARES Act provided a number of breaks for student loan borrowers, who collectively now owe $1.6 trillion in federally-guaranteed student loans.