The bill has not quite passed but this is how much money you could get from the stimulus bill in response to the COVID-19 fiscal crisis that is looming in our horizons…
(CNN) – If you’re a single U.S. resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the U.S. government.
The more you earn, the less you will get. You get nothing if you make $99,000 a year or more.
That’s based on the $2 trillion coronavirus outbreak stimulus bill that passed the Senate overnight Wednesday. The bill still must go through the House – a vote to pass it is expected Friday – and be signed into law by the president.
The income levels are based on tax returns for 2019. For those who have not yet filed their taxes this year, it will be based on 2018 returns.
For married couples, you will receive $2,400 if you make a combined $150,000 or less. People making above that will receive a lesser amount on a sliding scale up to people who make $198,000 or more, who will not receive money.
Parents with children may receive $500 per child, depending upon the age of the child. That also phases out for people with higher incomes – single parents who make $109,000 or more and couples making $208,000 or more will get nothing.
If you are on unemployment assistance, you will get another $600 per week on top of the amount your state already pays. That extra amount is available for up to four months.
Approximately 125 million people will receive a payment or about 83 percent of tax filers. We found an online stimulus payment calculator to help better predict your payment.