Stimulus Bill Passed. What Does it Provide for Americans?
April 2, 2020
Once again the shutdown has been extended, this time until the end of April. But Americans can take cautious solace in the fact that the two trillion dollar financial stimulus package has been passed.
With this stimulus, CNN says, individuals who make $75,000 or less in gross income are eligible to receive a check of $1200. Individuals who make over that threshold will subtract $50 from the check they get for each $1000 they exceed $75000 by. Somebody making $76,000 would receive a $1,150 check.
For married couples, the income must be under $150,000 for them to receive a check and the same rules follow in terms of amount reduction based on income. Children, however, can be claimed for $500 each if the parents fall under the income requirements according to CNN.
According to USA Today, hospitals and the health system will receive $130 billion while states and local governments will receive $150 billion.
Additionally, unemployment insurance is providing more and will increase to a maximum of $600 per week for four months.
Small businesses are set to receive a $377 billion fund for loans, many of which will be forgivable. $500 billion will go to larger businesses, including airlines, that have also been majorly affected according to the New York Times.
This stimulus and money injection into the economy is by far the biggest ever and passing this bill required high bipartisan agreement where both sides put away their normal oppositions. For democrats, it included allowing more tax cuts, and for Republicans, it took form in agreeing to further fund the social safety net.
The bill is about double the size of the 2009 relief package, but there is still much uncertainty in the future for Americans. Nobody knows how long the stimulus will hold us up for. It may only be a few months, but a unanimous hope is that it lasts longer.