WASHINGTON D.C.- On Friday, March 26 the House of Representatives passed a $2 trillion stimulus package to be distributed to working Americans after the Senate had already approved the bill earlier in the week.
The stimulus package includes sending checks directly to individuals and families, a major expansion of unemployment benefits, money for hospitals and health care providers, financial assistance for small businesses, and $500 billion in loans for struggling companies.
Single adults with Social Security numbers, who are United States residents and have an adjusted gross income of $75,000 or less, would get $1,200. Married couples with no children earning $150,000 or less would receive a total of $2,400. The payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. A family with two children would no longer be eligible for any payments if its income surpasses $218,000. Payments will be based on an individuals 2019 tax return. If that return has not been filed yet then it will be based on 2018 tax returns.
The checks will be sent by direct deposit if that information has already been provided to the IRS with your tax return. If the IRS does not have an individuals bank account information for direct deposit, a check will be sent by mail. While there is currently no set date for Americans to receive the stimulus checks, a proposal from the United States Treasury Department would send out two rounds of payments on April 6 and May 18.