President Trump signed a $2 trillion stimulus package to aid the economy during the COVID-19 pandemic. The stimulus, signed on March 27, is the largest emergency aid package in U.S. history.
“Democrats initially took issue with the package, which was crafted by Senate Republicans at the outset, arguing that it put corporations ahead of workers,” Manu Raju’s April 2 CNN article said.
Voting to pass the legislation began on March 2, when the Senate had a unanimous vote of 96-0. The bill was then passed by the House of Representatives on March 27 and signed by the president.
The key factor of the stimulus package is the financial provisions it will provide to Americans. Citizens will receive a check with an amount based on their income. Individuals earning $75,000 or less in gross income will receive $1,200 and married couples who earn a combined income of up to $150,000 will get a check for $2,400 with an additional $500 per child. For individuals making more than $75,000, their checks will be reduced by $5 for every additional $100 and people making more than $99,000 will not receive a check at all. These income thresholds will be doubled for couples, according to Katie Lobosco’s April 2 CNN article.
The IRS has said that payments will go out automatically for people who authorized direct deposit of their 2018 and 2019 tax returns. Those who haven’t filed their taxes yet are encouraged to do so as soon as possible.
The Treasury Department stated that people who receive Social Security will also receive payments automatically, according to CNN. Paper checks are expected to start being issued the week of May 4 for people who have not authorized direct deposit on their tax forms. The checks will be issued at about 5 million per week, with checks for low-income individuals going out first, according to a House Democratic memo obtained by CNN. The treasury is planning to develop a web portal in the coming weeks that will allow people to update their direct deposit information.
“Congressional aides were told last week when they were briefed by the IRS that roughly 150 million taxpayers will be eligible for the payments, but of those, the IRS estimated they only had about 70 million people’s direct deposit information on file,” according to Manu Raju’s April 2 CNN article. “That means for roughly 80 million Americans, the IRS will have to rely on mailing checks.”
Americans aren’t expected to start receiving payments until mid-April and it could take up to 20 weeks for all checks to be mailed. In addition to the payments made to Americans, the stimulus package will provide billions of dollars to hospitals and state and local governments.
For more information and updates on the stimulus package, visit CNN.com.