Mitch McConnell (R) Senate is proposing "rescue checks":

• $1,200 per person
• $2,400 per married couple
• $500 for each child
• Benefit starts to phase out at $75,000 of income (AGI) on your 2018 tax return
• The phase out starts at $150,000 for married couples
• The total phase out where there is no benefit is not clear. 

Treasury Secretary Mnuchin is proposing:

• Sending out $1,000 checks
• Bill will likely have to be passed by Congress one way or the other

NOTE: The final result is going to be much different when and if it's complete. 

See this link for more commentary on the topic. You will see how it's a moving target. 

https://www.cnbc.com/2020/03/20/heres-how-your-rescue-check-from-the-government-could-be-taxed.html

Yes on 3-19-20 the IRS announced some relief and hopefully there is more to come. 

• Individual tax payments due on 4-15-20 are NOW due on 7-15-20
• Applies to 2019 extension payments (Form 4868) that WAS due on 4-15-20
• Applies to the 1st 2020 estimated payment that WAS due on 4-15-20

READ more here: https://www.irs.gov/coronavirus

Great question. We may not know the answer until and if any checks are part of a bill passed by Congress. Here is a possible indicator:

1) Best scenario:

• Treasury sends checks within 30 days or less and you can spend your "cold hard cash" 
• Rescue checks are not taxable. 
• Rescue checks do not have to be repaid. 

2) Great Scenario: 

• Treasury sends checks within 30 days or less and you can spend your "cold hard cash" 
• Rescue checks ARE taxable. 
• You get cash right away even if its taxed. 

3) Good Scenario:

• Rescue checks come in the form of a tax credit. 
• We are in the last month of filing season. If you file on time you can get refund check with the "rescue amounts"

4) OK Scenario

• Treasury sends checks within 30 days or less and you can spend your "cold hard cash" 
• Rescue checks HAVE to be repaid like an advance credit
• At you get could have usable cash NOW even if you have to pay back later. 

5) Another possibility could be taxed like unemployment compensation:

• Unemployment Compensation is taxed:

• Unemployment checks are taxable on the federal level
• Unemployment comp is not subject to social security and medicare tax (7.65% savings)
• Most states issue unemployment compensation and do not tax those amounts.

See this link for more commentary on the topic. You will see how it's a moving target. 

https://www.cnbc.com/2020/03/20/heres-how-your-rescue-check-from-the-government-could-be-taxed.html

President Trump declared a National Emergency on 3-13-20

In many cases this means the States'

• Department of Labor & Industry 
• Department of Revenue
• Other departments 

Typically do NOT have to pass special relief bills at the respective state legislature.The National Emergency allows the states to more easily grant relief.

SEE this excerpt from the PA Dept of Labor and Industry

"The Pennsylvania UC Law provides relief from charges can be granted when a major natural disaster is declared by the President of the United States. Such a declaration was issued by the President on March 13, 2020. As a result of the federally-declared disaster, Labor & Industry does not need a legislative change to grant relief from charges related to COVID-19.

Alabama