The IRS has started sending stimulus checks to all states, as part of a stimulus package approved two weeks ago. The paymont includes a $1,200 per person, depending on income, to help Americans cope with the coronavirus pandemic. The amount is still being debated.
The one-time payment is based on income, NBC News reported Thursday evening. Under the plan, individuals making up to $75,000 annually would be eligible for a $1,200 check from the federal government.
Married couples who file their taxes jointly would have to make less than $150,000 to qualify for their payment, which would be $2,400. From there, the payments would fall by $5 for each $100 earned over $75,000. For married couples earning $150,000, it would decrease until phasing out completely at $189,000.
Individuals earning more than $99,000 and married couples earning more than $198,000 annually will not get any assistance.
The bill is also expected to include roughly $100 billion in assistance for hospitals; $350 billion in assistance to small businesses; $500 billion in aid for corporations, including airline companies and cruise lines, that have been hurt by the outbreak; and about $150 billion for state and local stimulus funds.
Also, unemployment insurance would be significantly bolstered for four months by increasing payments and extending the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees, and freelancers. Specifically, the bill would increase the maximum unemployment benefit that a state gives to a person by $600 per week and according to Schumer, “ensures that laid-off workers, on average, will receive their full pay for four months.”
Depending on their situation, homeowners could get their mortgage payments reduced or suspended for up to 12 months.
Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments.