Washington Has Reached A Deal, Now When Will You Get Your Money?
Now that the White House and Senate have reached a never-before-seen deal sealing the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, when will we see pay checks, and just how much money are we talking about getting?
According to the CARES Act, the rescue plan includes expanded unemployment benefits; a $367 billion program for small businesses to help pay workers forced to stay home due to the COVID-19 pandemic; $500 billion for subsidized loans to larger industries such as hospitals and airlines; and direct payments to most Americans.
Just how much will your check be? According to the Associated Press, the direct payouts will be a one-time payment of $1,200 per adult and $500 per child. Treasury Secretary Steven Mnuchin said that the “checks in the mail” would be direct deposited into Americans' accounts.
According to Vox, at higher incomes, the checks would get smaller: The benefit would start decreasing at a rate of $5 for every additional $100 in income. The phaseout starts at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly; it would phase out entirely by $99,000 for singles and $198,000 for couples (with no children).
So when will you see your check? Washington is aiming for mid-April. If you set up a direct deposit with the IRS you could still expect to see your money sooner than those waiting for checks in the mail.
This is the largest rescue package in U.S. history.