WASHINGTON (WREX) — Washington is about to deliver massive, unprecedented legislation to speed help to individuals and businesses as the coronavirus pandemic takes a devastating toll on the U.S. economy and a health care system straining to keep up.
The House is set to pass the sprawling, $2.2 trillion measure on Friday morning after an extraordinary 96-0 Senate vote late Wednesday. President Donald Trump is eager to sign it into law.
Here's what is in the bill, and how it could impact you and your family:
How much will I get?
According to NBC, people making up to $75,000 a year are expected to receive checks for $1,200. Couples making up to $150,000 would receive $2,400, with an additional $500 per child.
How and when do I get my check?
President Donald Trump and Treasury Secretary Steve Mnuchin have targeted April 6, though tax experts are skeptical of that date and think it could take much longer.
There are also three ideas on how Americans will get the money. One possibility is through direct deposit to your bank account. The other option is through the mail in check form. A preloaded debit card might also be an option. The treasury department is still sorting these things out.
Is the check based off of my 2018 or 2019 tax return?
If you've filed for 2019, that's what it would be based off of. If you haven't, it would be based off of 2018.
Is there help for small businesses?
CNN says the bill directs $350 billion for loans to small businesses and nonprofits with under 500 employees. The loans would be guaranteed by the Small Business Administration but the actual lender would be approved banks and financial institutions.
Businesses could receive up to $10 million in loans to help with employee salaries, payroll expenses, mortgage and other debt payments. If used for those purposes, the loans would be forgiven in the future.
Is there relief for students who have loans?
Federal student loan borrowers would get a reprieve from payments until October and any interest accrued during that period will be waived.
Will retired seniors qualify for the stimulus checks?
Yes, as long as they are not listed as a dependent for someone else and fall within the income thresholds.
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