The US Senate late last night unanimously approved a $2.2 trillion emergency relief bill that attempts to address some of the financial damage being caused by the coronavirus pandemic.
The Republican and Democratic Senators — who have had trouble cooperating on most any issue these past few years — acted with surprising speed to negotiate and approve the largest economic rescue package in US history by a 96-0 vote.
The law proposes to send send subsidy checks to more than 150 million American households, sets up some enormous loan programs for large and small businesses, pumps money into unemployment insurance programs, boosts spending on hospitals, and…
…well, all the details — in which the Devil typically ensconces himself — have yet to be understood by the media. I’m sure some of the details will prove fascinating. Lawmakers and the White House were bombarded with lobbyists and special-interest groups seeking to affect the negotiations, and over a matter of days, the stimulus price tag rose from $850 billion to $2.2 trillion.
You can click here to calculate how much you might get from the $1,200 (more or less) coronavirus checks, on the Washington Post website.
With entire states on lockdown, many businesses closed… and the numbers of infections and deaths from the coronavirus on the rise… the package is an attempt to throw a vast amount of money at the problem, and presumably lift the country’s spirits during a rather dark hour. The bill now goes to the US House of Representatives, where Majority Leader Steny Hoyer announced a planned vote tomorrow morning, Friday March 27.
President Trump has indicated he intends to sign it immediately.
It appears that the law authorizes ‘stimulus checks’ to be sent to individuals and families who have filed income tax returns. According to the Washington Post, individuals earning up to $75,000 a year will be eligible for $1,200 deposited into their bank account or mailed as a check. Reduced payments will go out to individuals making up to $99,000 a year (the payment amount falls by $5 for every $100 in income above $75,000).
Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year. Reduced checks, on a sliding scale, will go out to married couples who earn up to $198,000.
Married couples also will receive an additional $500 for every child.
If you have already filed a 2019 tax return (the one you might be procrastinating on as we speak), the Internal Revenue Service will use the direct deposit information on your 2019 return to send your payment to your bank account.
If you don’t provide the IRS with your direct deposit details, then the IRS will mail you a check.
Here in Colorado, you will have limited ability to spend that money — at least, for a while. Governor Polis’ administration has issued an order requiring people to remain at home unless they have “critical business” to attend to. (See our editorial on that issue, in today’s Daily Post.) The “Stay At Home” Order is effective through April 11.
According to the chart shown above, created by the Washington Post, businesses and governments will see about $1.2 trillion in benefits (loans, tax cuts, aid). America’s numerous unemployed will see about $260 billion in assistance money. Ordinary folks will see a check for $1,200 (more or less.)