The COVID-19 pandemic is causing governments to issue large stimulus packages in order to prevent complete economic fallout due to the shutdowns. Check out this blog on important info about the $2 Trillion COVID-19 stimulus package
President Trump unveiled a $2 trillion economic stimulus package for US citizens, effective March 27, 2020.
What Is This Stimulus Package?
The $2 trillion stimulus package is not just money going to individuals: it consists of a comprehensive plan to restart the economy.
Small businesses, large corporations, public services, state and local governments, and individuals will all be getting a slice of the pie.
This article mainly refers to what will affect individuals. Keep reading $2 Trillion COVID-19 stimulus package.
$300 billion of this money is going to direct cash payments to all American taxpayers that are eligible.
$260 billion of this money is going to additional unemployment payments for the newly unemployed.
$43.7 billion is going to federal student loan relief, which entails lowering interest to 0% and making no payments due until September 30. (This does not apply to private student loans, so be careful!)
Who Can Get A Stimulus Check?
If you have filed a 2018 tax return or a 2019 tax return, you will be eligible for a payment.
Couples who are married filing jointly will receive a check of up to $2,400, and individuals will receive up to $1,200. This is adjusted based on income.
Those who have adjusted gross income of up to $75,000 (or married couples up to $150,000) will receive their full payment.
Those with individual income over $99,000 (or $198,000 for married couples filing jointly) will not receive a stimulus payment.
In addition, parents with child dependents will receive $500 for each qualifying child, no matter the income level.