Layman terms?
Here was the first structure of COVID-19 that came out a few weeks ago (corresponding authors are actually at UT-Austin).
science.sciencemag.org/content/early/2020/02/19/science.abb2507
Ultimately, the structure is very similar to SARS (obviously, both are coronaviruses), but there are differences. SARS and COVID-19 enter cells by binding the ACE2 protein which is on the surface of cells in the respiratory system, but one paper shows that COVID-19 binds to ACE2 with higher affinity than SARS, with the other showing similar affinities (higher affinity to ACE2 would drive higher infection rates). What was shown by sequencing and verified in both structures is that there has been a mutation in the DNA sequence that creates an extended furin cleavage site in COVID-19 that isn't found in SARS. This expanded cleavage site is used for virus biosynthesis and this change creates a site that is often found in highly virulent avian and human influenza viruses, hence the high virulence.