What the Stimulus Checks Mean For You

What the Stimulus Checks Mean For You

(ReliableNews.org) – COVID-19 is not just infecting and killing people, it’s hurting many financially. On Wednesday, the Senate finally passed the emergency aid needed to help struggling Americans. President Donald Trump congratulated America after the 96-0 vote.

Part of the agreement means desperate families are going to receive payments from the government. But who’s going to get the cash and how will they receive it?

  • President Donald Trump wants the Americans to receive the money by April 6, but it may take up to two months.
  • A person’s 2018 or 2019 adjusted gross income, earnings before deductions, is being used to determine eligibility.
  • Individuals who earn up to $75,000 will get $1,200.
  • Married couples making up to $150,000 will receive $2,400.
  • Parents will see $500 per child under age 17 without limits for the number of children.
  • Payment phaseout is $5 less for every $100 earned over the threshold. For example, if you earn $75,300, you’ll get $1,185 ($1200-$15).

Social Security recipients, retirees and those without an income will also qualify for a stimulus check but distribution may take longer.

The payments are not official yet. The relief bill cleared the Senate, and now the House has to vote on it. Speaker of the House, Nancy Pelosi (D-CA), is signaling she supports it, so things should go smoothly from here.

If all goes well, Americans will finally start getting the help they need in a few weeks.

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