The House has passed the Senate’s historic $2 trillion stimulus bill. Here’s what you need to know.
On Wednesday, the Senate approved a $2 trillion relief package to boost the economy crumbling in the face of the coronavirus pandemic. This is the largest in US history and half the annual federal budget of the United States. The package represents a crucial lifeline for every American.
In order to speed up the delivery, the House rushed back to Washington on Friday morning to debate the package, despite the public health risks involved. With record resolve, the bill was passed and is expected to be signed by President Trump promptly.
Key components of the package include direct checks to families and individuals, an expansion of unemployment benefits, paused student loans and mortgage payments, critical aid for hard-hit hospitals and health care providers, financial assistance for small businesses and $500 billion in loans for distressed companies. While this package dwarfs any other in history, many officials see this as merely a first step, with Nancy Pelosi stating that “We must advance a fourth bill to address the continued needs”.
The 880-page bill is complex with many moving parts, but here’s a breakdown of what the package means for your bank account.
Who is eligible for the once-off check?
How much will everyone get?
- $75,000 or less to receive $1,200 each
- $80,000 to receive $950
- $90,000 to receive $700
- $95,000 to receive $450
- $99,000 or more to receive $0
- $150,000 to receive $2,400
- $160,000 to receive $1,900
- $170,000 to receive $1,400
- $180,000 to receive $900
- $190,000 to receive $400
- $198,000 or more to receive $0
Those with children:
Freelancers or ‘gig’ workers:
When will you get it?
According to statements made by Treasury Secretary Steven Mnuchin, it could arrive within 3 weeks. However, this is only applicable to those that IRS has information on. Experts say that early May is a more realistic estimate, based on historical information in cases like these.
How will you get it?
The checks will be received as a direct deposit to the same account used for your tax refund over the last two years or to your last known address. The IRS should be notified as soon as possible if there have been any changes to your personal information. Furthermore, the agency is likely to run a campaign around the payments and notify you once the have been made.
Another factor to consider is that those with bank accounts may receive a direct payment to their bank account, whereas those who do not could wait for up to 4 months due to the limited capacity to send out checks.
The legislation strictly prevents Trump and his family, as well as other top government officials from receiving or using the funds, according to Minority Leader Chuck Schumer’s office.
Source: CNN, NYT, NBC
Featured image: Sharon McCutcheon