President Trump signed a $2 trillion rescue package that offers financial assistance to millions of American household affected by the COVID-19 pandemic.
The relief plan includes direct payments to individuals, expanded unemployment, student loan changes and more. Many Americans are wondering what that means for them and how the plan is going to help them during this time.
Qualifying adults will receive $1,200 and for every qualifying child 16 years or younger, there will be an additional $500. However, the amount depends on your income. Single adults who have a gross income of $75,00 or less will receive the full $1,200. Married couples earning $150,000 or less will receive $2,400. Your income is determined by 2019 tax return, however if you have not filed yet, your 2018 tax return can be used.
Among direct payments for Americans, the stimulus package expands unemployment benefits for up to 13 additional weeks. It will also give an extra $600 a week, for up to four months, on top of the current unemployment payment.
Small businesses are also covered in the package. The package gives banks the ability to lend directly to businesses. These loans will be backed by the Small Business Administration. The loan is for businesses to pay basic expenses and money spent on paying employees, utilities, a mortgage or rent will not be required to be repaid.
Treasury Secretary Steven Mnuchin said most people will receive their payment within three weeks. The Internal Revenue Service has your bank account information and will direct deposit your payment which will be determined by your income taxes.