Stimulus Package: Questions You May Have

Article provided by theSkimm

Lawmakers reached an agreement on the biggest stimulus package in US history.

Great. What does that mean for me?

It depends on your situation. Most Americans will get a one-time payment of $1,200. And families get an extra $500 per child. If you make above $75k, you won’t get the full $1,200, and those making above $99k don’t qualify. The gov will decide how much to give you based on your gross income from your latest tax returns (think: from 2018 or 2019 taxes).

What if I’m unemployed?

This new package lets more people to qualify for unemployment benefits. Those who lost their jobs would get whatever their state usually provides for unemployment, plus $600 per week for up to four months. And those who aren’t typically eligible for benefits including gig workers (think: Uber, Lyft drivers) and freelancers will be covered.

When will I get my check?

First, Congress needs to finish voting on the bill. Last night, it passed unanimously in the Senate. Now it goes to the House, where it’s expected to pass tomorrow. After that, the timeline for actually getting the checks is unclear. But Treasury Secretary Steven Mnuchin said Americans would receive checks within three weeks. The money could be sent out electronically or by mail.

What else does this bill cover?

$367 billion have been set aside for small businesses (think: for loans to help pay workers or pay rent). $130 billion for hospitals fighting the coronavirus. And industries like airlines can get some relief from the package’s $500 billion loan fund. But businesses from the Trump family or any senior gov official don’t qualify for loan money.

theSkimm

This is the third coronavirus relief package that lawmakers and the Trump admin have worked on to provide some ease from the financial fallout. But as historic as this package is, it’s still unclear if it will be enough to help Americans and industries deal with an uncertain future.

Psst…Getting a check in the mail is good news. But here’s what else the coronavirus could mean for your wallet.

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