Congress and President Donald Trump announced a bipartisan agreement to meet the economic needs of the American people on Wednesday, March 27th that agrees on a huge $2 trillion emergency economic package. The CARES Act is headed to President Trump’s desk today! Following extensive negotiations between the Trump Administration and Congressional leaders, the House of Representatives finally passed the historic $2.2 trillion economic relief package.
The Senate approved the measure yesterday with a 96-0 vote.
What does it mean? American families, healthcare workers, and small businesses will get the economic support they need to get through this challenging time. That includes $1,200 payments to qualifying Americans, $100 billion in direct support for hospitals, and over $370 billion to small business owners to keep their employees on the payroll.
President Trump is expected to sign the bill when it arrives at his desk this afternoon.
The way they decide who to send the checks to is the IRS will follow all previous tax returns since 2018 and dole out accordingly. If your household made less than $75,000 in 2019, that home will be eligible for the full payment of $1,200. Couples who filed jointly and made less than $150,000 will get $2,400. An individual who filed as “head of household” and earned $112,500 or less gets $1,200. For every child in the household, you will receive an additional $500.
If you made more than $75,000, your payment will be reduced by $5 for every $100 of income that exceeds the limits. So if you made $80,000 in 2019, you will receive $950. The payment decreases to zero for an individual making $99,000 or more or a couple making $198,000 or more.
If you’re a family of four, you’ll be eligible for a maximum of $3,400.
There will only be one payment.
Treasury Secretary Steven Mnuchin said Wednesday the checks will be sent out “within three weeks” to people for whom the IRS has information.
You don’t need to sign up or fill out a form to receive a payment if you’ve been working and paying taxes since 2018.
The Treasury Department will also run a “public awareness campaign” with information about the program, including for people who didn’t file a tax return for 2018 or 2019.
No information available yet, but when information becomes available here is the official site to visit: https://www.irs.gov/coronavirus.
