What Does The Government's $2 Trillion Stimulus Package Mean For The Average American?
PITTSBURGH (KDKA) -- A $2 trillion stimulus package that would provide help for families, businesses and health care workers on the front lines of the coronavirus outbreak passed in the Senate late Wednesday night by a vote of 96-0.
So what does this $2 trillion package mean for the average American?
• Most single Americans will receive a direct payment of $1,200, IF they make up to $75,000 a year. That amount drops for those who make more than that.
• Couples making a combined income of $150,000 will receive $2,400.
And parents would get $500 for each child under the age of 17.
• Single Americans who make more than $99,000 would not qualify.
That amount doubles for couples.
If you already filed your taxes, income will be based on 2019 federal tax returns. If you didn't, it will be based on your 2018 returns.
So when will you receive your payment?
"If you filed a 2018/2019 tax return and have a direct deposit account on file, that money will be directly deposited we hope pretty quickly. If not, those benefits could be delayed as much as four months," said Certified Financial Planner Rick Applegate.
Those on unemployment will also benefit.
"Normally, in the state of Pennsylvania, you would get benefits for an average of up to 26 weeks. This package extends those unemployment benefits for another 13 weeks and it also increases the benefits for another four months," said Applegate.
Independent contractors and the self-employed will also be eligible.
Now that the Senate has approved the legislation, the stimulus package will go to the House, which is expected to vote on the package on Friday before it goes to the president's desk.