Coronavirus Updates

PHILADELPHIA - FEBRUARY 11: Blank Social Security checks are run through a printer at the U.S. Treasury printing facility February 11, 2005 in Philadelphia, Pennsylvania. As U.S. President George W. Bush travels the country to stump for his plan to change the Social Security system, opposition continues from some members of Congress and senior citizen groups concerned that the proposal would erode guarantees to the federal retirement program. (Photo by William Thomas Cain/Getty Images)

After days of marathon negotiations, the Senate has finally passed a $2 trillion stimulus package to provide a jolt to a US economy struggling amid the coronavirus pandemic.  The vote was unanimous at 96-0.  This package is the largest emergency aid package in US history.  It will next go to the House for a vote. According to CNN “The plan is to pass the bill by voice vote, a move that would allow the House to avoid forcing all members to return to Washington for a recorded roll call vote.  President Donald Trump has indicated he will sign the measure.

Here’s what Americans would be getting: Under the plan, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.

Checks are expected to be mailed in the next two to three weeks but don’t expect to see them until some time in May. HOWEVER, Those who had authorized direct deposits to their bank accounts the last tax year you filed likely received their money faster.