(U.S.) – The U.S. Senate has agreed on a $2 trillion bipartisan economic stimulus package.
In an effort to try and help Americans affected by the COVID-19 pandemic, the U.S. Senate has passed the $2 trillion stimulus bill, which is expected to be signed by President Trump.
But what does it mean? What is a stimulus check? Who is eligible?
A stimulus check is a direct payment to individuals from the government. Stimulus checks are designed to help ‘stimulate’ the economy during times of crisis. Currently, with the most recent passage, it is a one-time payment however, President Donald Trump and Treasury Secretary Steven Mnuchin are pushing for two payments.
Who is eligible?
According to the bill, individuals who make $75,000 or less per year are eligible for a one-time $1,200 check. Married couples who file joint taxes must earn less than $150,000 annually to be eligible for a $2,400 check. Individuals or couples who have children are eligible for an additional $500 for each child. Anyone who earns more than $99,000 annually will NOT receive a check.
There has been no information as of Thursday morning regarding whether or not retirees or Social Security recipients will receive stimulus checks.
When will checks be issued?
Currently, there is no date specified as to when Americans will receive the coronavirus stimulus checks. A recent proposal from the Treasury Department indicated a request to send out two rounds of payments on April 6th and again May 18th.
While nothing has been published linking to directions as to how there have been reports that Americans will receive an option to sign up for direct deposit in order to receive the stimulus checks sooner.
The current bill also includes a proposal to increase unemployment insurance increasing the state unemployment maximum benefit by $600 per week for up to four months. There would also be an extension to those who typically cannot file for unemployment such as gig economy workers, freelancers, and furloughed employees.
The latest reports indicated the Senate reached a bipartisan agreement with the expectation the bill would pass by Thursday morning, however, some Republican senators threatened to delay the bill citing the increase in unemployment insurance.
Trump is expected to sign the agreement once it is passed by Congress.