Finance

$2 Trillion Coronavirus Stimulus Bill | How much will you get?

Congress is making the last touches to the $2 trillion stimulus bill to help Americans during the coronavirus pandemic. While many individuals will receive direct payments, the $2 trillion stimulus bill includes more than that.

With this bill, the student loan payments are also going to be suspended to September without any penalties or interests. As the bill aims to ease the financial hardships that come with the pandemic, there will be a huge boost for the unemployment benefits. Here is everything the $2 trillion stimulus bill includes for individuals.

Direct Payments up to $1,200

Individuals with an AGI of under $75,000 can up to $1,200 and $500 per child under age 17. The payments will begin to phase out if your AGI is more than $75,000. The table below shows how much you are likely to get from the government as part of the coronavirus stimulus bill.

Singles

Adjusted Gross IncomeStimulus Check Amount
$75,000$1,200
$80,000$950
$85,000$700
$90,000$450
$95,000$200
$99,000 and more$0

Married (Joint filers)

Adjusted Gross IncomeStimulus Check Amount
$150,000$2,400
$160,000$1,900
$170,000$1,400
$180,000$900
$190,000$400
$198,000 and more$0

Just to take away any misconceptions about the stimulus checks there might be, if your AGI is below, $75,000 or $150,000 you’ll get the full $1,200.

When calculating how much you’re going to get, the federal government will take into account your 2019 tax return. If you haven’t filed your tax return yet, it will be based on your 2018 tax return.

Unemployment Benefits Increase

The stimulus bill also includes an additional increase to the unemployment benefits. This bonus will be effective on top of what you receive from the state benefits. The unemployment benefits are about $250 to $550 a week depending on the state, the bill will include a bonus of $600 up to for 13 weeks.

Unemployment Benefits Increase

Therefore those who receive unemployment benefits from the state, the total unemployment benefit may be more than $1,000. Again, we expect this to be affected by either the base unemployment benefit amount or the financial need.

On top of this, the bill creates a new unemployment assistance program which also includes the self-employed. Usually, unemployment benefits do not include the self-employed and independent contractors but not this one. We know that Congress is in the works about it but no further detail has been out, yet.

When will you receive your check(s)?

It is expected that the bill will pass on Friday. As for when you will get your stimulus plan check, it will be similar to how tax refunds work. If you opt to get it via direct deposit, you should be able to get your money within weeks.

Those who want to get their check via mail may have to wait until May as there is a lot to process by the Department of Treasury with physical checks. All and all, you can get your fair share of the stimulus money as early as April.

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William Mayer

Hello, I'm William! I mostly write about financial topics such as stocks, investments, and small business ideas. I like to cover the hot entrepreneurship subjects where you and I can look forward to the future.

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