U.S. President Donald Trump has signed into law what he calls the largest single economic relief bill in history. “At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses,” Trump said. Americans are expected to receive stimulus checks of up to $1,200 if they qualify.
Single Biggest Economic Relief Bill in American History
The president of the United States, Donald Trump, has signed the Coronavirus Aid, Relief & Economic Security (CARES) Act into law. He tweeted on Friday:
I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses.
The Trump administration claims that the new law will provide direct payments to Americans, help small businesses stay open, help workers keep their jobs, provide relief for distressed industries, and provide support for health care providers.
However, some people have voiced their concerns on social media, questioning how much the stimulus package will actually help them. The coronavirus crisis has caused many job losses and businesses to shut down. Last week, unemployment claims skyrocketed to a record 3.3 million. Some also blame Trump for not taking action against the coronavirus outbreak early on, downplaying the crisis, and overpromising the cure.
Coronavirus Stimulus Checks — How Much and When
The Coronavirus Aid, Relief & Economic Security Act gives money to individuals and families as well as financial aid for American businesses and industries suffering as a result of the coronavirus outbreak. Some of the most heavily-asked questions regarding the stimulus bill concern when the relief checks will arrive. Americans want to know how and when they will get their stimulus checks.
“This legislation provides tax free payments — treated as a refundable tax credit,” explained The White House. The plan is expected to benefit all U.S. residents or citizens, regardless of their employment status. How much they will receive depends on their tax filing. The total amount of their stimulus checks will be based on the adjusted gross income shown on their 2019 federal tax returns or the previous year if they have not filed their taxes this year.
“$300 billion in direct cash payments will be available to every American citizen earning less than $99,000 per year,” The White House explained. Individual U.S. tax filers with a social security number and an adjusted gross income (AGI) of less than $75,000 will receive the full amount of $1,200. The amount received will decrease as their AGI increases. Heads of households will also receive the full amount of $1,200 if their AGI is less than $112,500.
Married couples filing jointly will receive the full amount of $2,400 if their AGI is below $150,000. All filers with children 16 years old or younger will receive an additional $500 per child. For example, a family of four may be eligible to receive a $3,400 check. High-income earners do not qualify to receive stimulus checks, as the amount is completely phased-out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children.
The law will also extend jobless benefits to those not normally covered, such as freelancers and workers in the gig economy. It also intends to provide loans and tax breaks to companies impacted by covid-19.
As for when the stimulus checks will arrive, Treasury Secretary Steven Mnuchin said that he expects Americans to receive direct payments within three weeks if they have a direct deposit set up with the Internal Revenue Service (IRS). If not, the government will mail them a check. According to the IRS, the government will automatically send the money to any tax filers who qualify. Meanwhile, the IRS has extended the tax filing deadline this year from April 15 to July 15.
What do you think of this economic relief bill? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, The White House
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