March 25, 2020 / Paul Davidson, USA TODAY
The Senate reached a deal on a sweeping $2 trillion stimulus package Wednesday that extends an extraordinary lifeline to Americans in virtually every circumstance who have been affected by the coronavirus – workers, the unemployed, the self-employed and contractors.
Meanwhile, businesses large and small would receive hundreds of billions of dollars in financial assistance in the hope that they’ll avoid shutting down or having to lay off employees.
While the Senate is expected to pass the bill Wednesday, a House vote will come later and many details are still in flux. Based on what we know now, here’s how the historic legislation would affect you and the economy.
How much money would you get?
Under the latest proposal, adults would receive a lump-sum check of up to $1,200 ($2,400 for joint tax returns), and those with little or no tax liability would get at least $600 ($1,200 for joint returns). Families would receive an additional $500 for each qualifying child.
The payment would be progressively reduced for higher-income earners, starting at $75,000, or $150,000 for a joint return. The amount you receive would be decreased by 5% of the amount your income exceeding $75,000, and individuals earning more than $99,000 wouldn’t qualify at all. For example, a single person with an $85,000 salary would get $700 after subtracting 5% of $10,000, or $500. The government likely will use your 2018 tax return to decide whether you qualify and how much you receive.