Following days of setbacks and intense negotiations, the Senate on Wednesday unanimously approved a $2 trillion stimulus package that aims to jump-start the coronavirus damaged U.S. economy.
Approved in a 96-to-0 late evening vote, the legislation provides $350 billion for small businesses; $250 billion for unemployment benefits; $130 billion for hospitals; $150 billion for state and local governments; and $500 billion for troubled companies in need of business loans. It also sets aside $250 billion for individuals and families, which would be doled out in $1,200 checks to individual residents who make less than $75,000 a year. The bill promises $2,400 to couples, with an additional $500 for each child.
The legislation, which is the largest emergency aid package in U.S. history, next goes to the House for approval. House Majority Leader Steny Hoyer says lawmakers will convene at 9 a.m. Friday to begin considering the proposed package. If it receives the House’s approval, the bill will be sent to President Donald Trump, who has already indicated he plans on signing it.
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 will use your 2019 tax return, if you’ve filed it, to decide whether you qualify and how much you receive. Otherwise, the determination will be based on your 2018 return, according to USA Today.