Here’s who benefits from the Senate’s historic $2 trillion stimulus aid

Some good news for millions of people amid this coronavirus pandemic.

“The 60 vote threshold has been achieved, the bill is passed.”

The Senate unanimously passed a $2 trillion stimulus bill on Wednesday, the largest rescue package in American history.

“Not a single senator voted against this $2 trillion rescue bill to save American individuals, small businesses, larger businesses, and to provide considerable funding for the healthcare workers and the scientists and the doctors and others who are trying to solve this pandemic,” said Sen. Mitch McConnell, the Senate majority leader.

So who is eligible for aid?

Anyone who files taxes, except for nonresident aliens. Undocumented immigrants who filed taxes can also get COVID 19 payout checks.

Here’s the breakdown: An adult making less than $75,000 a year gets a $1,200 one-time check. If you make more than that, it’s $50 less for every $1,000 earned over $75,000. So if you make $90,000, with no kids, you can get a $450 check.

For a head of household, the threshold is $112,500.

For a married couple, it’s $150,000, and $500 for each child. A single adult making more than $99,000 a year does not get a pay-out. Same for a couple making more than $198,000.

Income is based on your last tax filing.

Retirees, even those receiving social security, who don’t file tax returns, can also get a pay-out.

“Most elderly people would file social security taxes of one kind or another, certainly they are known to the government through the social security system. So, it seems to me there are many ways you could be able to reach and find out who would be eligible under this program,” said Prof. Alain Sanders.

Those who claimed unemployment benefits would get an additional $600 check per week for 4 months. Unemployment checks are extended up to 39 weeks up from 26 weeks.

“That’s the half of the approach of this bill to give consumers, to give the people money to spend. And then the other half of the proposal is to offer immediate economic aid to companies who have to maintain capital, to maintain factories, to become productive once we get past this crisis.”

The bill now goes to the House of Representatives on Friday for the vote.

President Donald Trump said he would sign the law as soon as it reached his desk.

No Comment

Leave a Reply

*

*

POPULAR POSTS