Congress agrees on $2 trillion stimulus package

Early this morning Congress reached an agreement on a $2 trillion stimulus package to help Americans hit hard by the coronavirus shutdown. Republicans and Democrats hammered out an agreement that both bodies are expected to approve it today. President Trump has indicated he will sign the bill once it reaches his desk.

Not all the details of the bill have been made public, but highlights include

Individuals making up to $75,000 a year will receive a $1200 check. The amount would be lowered as income rises to $99,000 where it would be completely phased out.

Couples making up to $150,000 a year would receive $2400 and $500 per child. That number would be lowered until it reached $198, 000 where it would be phased out.

Checks are expected to go out sometime in May. 2019 tax returns will be used as qualifying income if they have been filed. Otherwise, 2018 tax returns will be used.

Other highlights include help for those who are unemployed.
From NBC News:

“Unemployment insurance would also 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.”

The bill also provides nearly $1 trillion for hospitals, small businesses, corporations, and state and local governments.