Learn How the $2 Trillion COVID-19 Stimulus Package Affects You

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Amid economic upset resulting from the COVID-19 pandemic, the U.S. has passed a $2 trillion economic stimulus package meant to bring relief to individuals and businesses, The New York Times reports.

After passing the Senate and House of Representatives, the $2 trillion aid package was signed into law on March 27. The package is the largest economic aid relief in U.S. history and, among other provisions, allocates $100 billion to hospitals to better combat the pandemic.

Get Answers to Your Top Questions

An article from CNN offers answers to some of the most common questions about the economic aid.

How much money do individuals and couples get?

Individuals who made $75,000 or less on their 2019 or 2018 tax returns will receive $1,200. An additional $500 will be granted for each child in a household.

The amount then lowers by $5 for every $100 earned beyond $75,000. Individuals who grossed more than $99,000 on their 2018 or 2019 tax returns will receive nothing.

The income threshold is doubled for couples.

“Those who made too much to qualify in those years, but see their income fall in 2020 would receive a tax credit when they file their return next year, according to the Senate Finance Committee,” the article notes.

When will the money arrive?

CNN estimates it could be “weeks” before the first checks arrive. The Treasury Secretary has said the IRS will begin sending checks within three weeks after its passage, but some experts say it could take longer.

How does it affect unemployment benefits?

People who are unemployed will receive an extra $600 on top of existing state benefits for up to four months, CNN reports.

“A new pandemic unemployment assistance program would expand eligibility to those who are unemployed, partially unemployed or unable to work because of the virus and don’t qualify for traditional benefits,” according to the article.

How much is available for small business loans?

Roughly $350 billion of the new aid package is devoted to small business loans, a “portion of which will be forgiven so long as the business continues to employ and pay its workers,” CNN reports.

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