SAN FRANCISCO (KRON) – The Senate on Wednesday passed a $2.2 trillion economic rescue package aimed to help businesses, workers, and health care systems amid the coronavirus pandemic.
The 880-page measure is the largest economic relief bill in US history.
The package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
The payments are expected to be $1,200 for individuals or $2,400 for those who are married and file income taxes jointly.
It also includes $500 per child under age 17.
Keep in mind you must meet certain qualifications in order to be eligible for the money, based on your adjusted gross income in your latest tax returns.
The amount of the checks starts to get reduced if you earn more than $75,000 as an individual, $112,500 as the head of a household, or $150,000 for couples filing jointly
Checks will be reduced by $5 for every $100 exceeding the above thresholds.
You get no money if you make more than $99,000 as n individual, $146,500 as a head of household filer with one child, and $198,000 for joint filers with no children.
Those who have no income or rely on non-taxable government benefit programs are still eligible.
In order to receive your check, you must have a valid social security number.
Treasury Secretary Steven Mnuchin said the administration expects to begin issuing direct payments to taxpayers within three weeks of the stimulus package being signed into law.
“Our expectation is within three weeks we will have direct payments out where we have depository information,” Mnuchin said. “We’re looking to get a lot more information and we have procedures to do that.”
The Associated Press contributed to this report.
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