The Senate of the U.S. reached a sweeping consensus and passed a $2 trillion stimulus package to support Americans affected by the COVID 19 pandemic. These include the unemployed, self-employed, workers, and contractors.
Businesses will receive billions of dollars in relief funds so they can stay open and pay their employees.
Amount to be Distributed
U.S. citizens with an adjusted income of about $75,000 or less were slated to receive $1,200 per individual (or $2,400 for joint tax returns) and about $500 for each of their children. The payments were smaller for single people with incomes higher than $99,000.
The payments began for U.S. citizens in mid-April using the direct deposit information provided on their 2018 and 2019 tax returns. For non-filers, people without direct deposit, and people on Social Security, stimulus payments will be released on a staggered schedule over the next few months.
The Arrival of the Stimulus Payments
People who have set up a particular direct deposit through the IRS could easily expect their sum to increase faster than those that have to wait and check the mail.
The last time the government sent checks to everyone in the U.S. was in 2008 in the amount of $600 to help mitigate economic challenges in the U.S.
The Reason the Government is Sending Out Checks
The economy has been hit by the Coronavirus., which has forced many businesses to shut down, downsize, lay off or furlough their employees. However, people need to survive and have income to pay rent, bills, and buy groceries. This is why the government continues to send out stimulus payments to its people in hopes that it will spur the economy.