Important Info About The $2 Trillion COVID-19 Stimulus Package

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.

Need help protecting your credit while unemployed? We wrote an article detailing how you can keep your credit score up even if you’re out of work.