Washington agrees on unrivaled $2 trillion COVID-19 rescue bill. What does that mean for you?

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WASHINGTON, D.C. (AP/KFOR) — The White House and Senate leaders have reached agreement on a $2 trillion measure to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic.

It’s the largest economic rescue measure in history.

The sprawling, 500-page-plus measure is the third coronavirus response bill produced by Congress and by far the largest. It builds on efforts focused on vaccines and emergency response, sick and family medical leave for workers, and food aid.

It would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.

Who will receive a check?

All U.S. residents who are not a dependent of another taxpayer and have a work eligible social security number are eligible.

This is true even for those who have no income, as well as those whose income comes entirely from non-taxable means-tested benefit programs, such as SSI benefits.

Individuals making more than $99,000 and couples making more than $198,000 will not qualify for a payment.

How much will I receive?

The package provides one-time payments of $1,200 per adult and $500 per child under the age of 17. Married couples will receive $2,400.

However, payments phase out for individuals making more than $75,000. For every $100 you earn above the limit, payment drops by $5.

The amounts will be determined based on 2019 tax returns. If a 2019 tax return has not been filed, 2018 returns will be used.

When will I receive it?

Treasury Secretary Steven Mnuchin has said they hope to start issuing checks within three weeks, with the remainder of the checks to be mailed by the end of May. However, the stimulus bill does not provide a specific timeline for payment distributions.

Will this show up on my taxes?

According to Senator Jim Inhofe, the individual recovery payments are not considered taxable income by the federal government.

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