Forum Thread

COVID-19 Relief Bill Sending $1,200-$3,400 to Many Americans

Reply to ThreadDisplaying 7 Posts
  • Are you sure you want to delete this post?
        

    Most up to date info: Coronavirus Relief - Direct Cash Payments

    UPDATE (3/29/20): Started this thread before the bill passed. So what's below is info from when they started proposing sending cash to when the bill passed and beyond. This thread should answer most all your questions about getting relief stimulus money, but I wanted to include the link above at the top so you can always see the most updated info on Coronavirus Relief. That page also shows how the bill expands on unemployment benefits, food stamps, housing benefits and more.


    Emergency stimulus to soar above $1 trillion

    That's the headline and there is a lot to breakdown here. But basically because of the economic catastrophe that's been caused by the nationwide shutdown to combat the spread of coronavirus COVID-19, the government is putting together an emergency stimulus package that's wide reaching, in an effort to try and help as many Americans as possible, and soon.

    Here's an important exert from this article, breaking down how the funds might be allocated:

    Treasury Secretary Steven Mnuchin met with Senate Republicans behind closed doors on Tuesday to present lawmakers with options for aid to airlines, hotels, casinos and small-to-medium-sized businesses. The White House had been discussing a package of more than $800 billion, POLITICO reported Monday, and by Tuesday the Treasury Department was preparing to unveil a package of $850 billion including more than $50 billion for the airline industry, $250 billion for small-business support and $500 billion for aid to individuals through direct payments or payroll tax cuts. A senior administration official acknowledged the proposal could climb above that level, putting it above $1 trillion.


    So while its uncertain exactly what the emergency stimulus will officially do and when, its clear the government is going to take hundreds of billions of dollars of this effort and send checks directly to most all Americans.

    It's not clear how much and for what ages, etc. But I have heard it floated upwards of $1000/person. If there are 325 million Americans or so, and you have $250 billion to work with, the math is close to a grand a person. If they are working with $500 billion, obviously they can send even more per person. I have seen differing reports.. Though I would imagine anyone under 18 would get less than those 18+.

    Will update here as more details come out. But they are planning to pass this bill and send money out in as soon as 2 weeks from today. Please share any info and thoughts you have on this stimulus plan. Im happy to see action being taken.

    Do you think its enough? Is this the right way to deal with this situation? Do you think this should be a one-time thing or a monthly stimulus?

  • Are you sure you want to delete this post?
        

    A video update:

  • Are you sure you want to delete this post?
        
    Wow, this is big news. I wonder what the requirements and eligibility will be. I'm no too familiar with the breakdown of stimulus money to individuals, but I've seen how it works in the corporate sector. Also, I saw just last night that many airlines have been reducing their flights by sizable percentages. Delta said that they believe theirs will decrease by almost 50% in the next few months. They were also talking about possibly asking the government for a bail out if it gets that bad.
  • Are you sure you want to delete this post?
        

    I have a strong feeling this is just going to be the first of many stimulus measures the Federal government will take to stem the fallout of this crisis. Never before has an entire global economy basically shut down overnight. Every single industry is going to be affected by this pandemic.

    It's hard to imagine the price tag of this when all is said and done, but I wouldn't be surprised if it's in the multi-trillions, especially if this is a prolonged crisis that lasts many months or years.

  • Are you sure you want to delete this post?
        

    This stimulus bill is very close to passing now. Both parties and the White House are in agreement so its just a matter of finishing writing it up and officially voting.

    Currently its said that all American adults will receive a one-time check of $1200 if you make $75k or less per year. $2400 for couples that make $150k or less per year. And if you have a family of four you should expect $3,400. ($500 per child)

    It's not currently clear what you will get if you make more than that. At first they were saying you would get a little less. But I haven't come across official numbers yet.

    Anyone know of those exactly?

    Also this vid says they are looking to do direct deposits into everyone's accounts... I have zero idea how that is going to work. Please post that info here on the exact logistics if you come across it. I was at first worried of them sending paper checks and everyone scrambling to go to banks and creating massive drive thru lines. Maybe that will still happen because I find it hard to think they can simply drop this money into everyone's bank accounts in an easy and seemless way.

  • Are you sure you want to delete this post?
        

    Bill officially passed today.

    Here's how it works:

    The Coronavirus Aid, Relief and Economic Security Act, which President Donald Trump signed into law Friday, says taxpayers making up to $75,000 in adjusted gross income will receive $1,200 checks, and $500 for each child. The same rules apply for married couples who file returns under $150,000.

    Above that threshold, the money starts to phase out.

    The rebate decreases by $5 for every $100 by which a taxpayer exceeds the threshold, according to an analysis from the office of Sen. Charles Grassley of Iowa, whose Republican Party controls the chamber. (The bill unanimously passed the Senate on Wednesday and it passed the Democrat-controlled House of Representatives in a voice vote on Friday.)

    For example, if an individual had an adjusted gross income of $76,000, he or she would receive a $1,150 check. The money from the “recovery rebate” does not count as taxable income, a Republican Finance Committee aide said Wednesday.

    The earnings limit is $146,500 for people who file their taxes as “head of household.” The head of household status means a person is unmarried, paying for more than half of a household’s expenses and claiming at least one dependent.

    People making over $99,000 and married couples making above $198,000 will not be receiving the payments, according to an analysis of the bill released earlier this week.

    Treasury Secretary Steve Mnuchin said Wednesday the stimulus checks would come to many Americans within three weeks. Other commentators have said it may take longer.

    Approximately 140 million households will receive a stimulus check, according to the Tax Foundation, a right-leaning think tank. The average check will come to $1,523 according to its calculations.

    I think there will be a lot of logistics issues with getting 140 million households this money in a timely manner. They will first be using 2018 and 2019 tax returns for people's addresses to send checks. If you signed up for direct deposit for a refund during that time you will get the money automatically deposited into your account.

    If you don't have direct deposit on file it will be mailed to you. And if you didn't file in 2018 and 2019 yet this video does a good job of telling you your options and what you can do to ensure they know where to send the money. Also if you are currently receiving social security benefits they will directly deposit the stimulus into your account automatically.

  • Are you sure you want to delete this post?
        
    Of note, they are using AGI or Adjusted Gross Income. So its not your total earnings but instead your AGI. How to calculate your AGI.