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Most up to date info: 2020 IRS Stimulus Checks
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. 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, 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?