Congress and the White House have agreed on a $2 trillion stimulus bill that includes direct payments to Americans.
So what kind of payments can we expect?
The bill includes payments of $1,200 per adult – or $2,400 for married couples filing jointly – as well as $500 per child. The amount of the checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns) and would disappear entirely for those earning more than $99,000. Total cost of this stimulus bill is expected to be nearly $2 trillion. It will include almost $500 billion for companies who are experiencing economic distress.
As for how soon the checks will be sent out?
It could be anywhere from two to six weeks – likely faster for those who have filed their taxes electronically, because you could get your payment delivered to the bank account listed in your 2019 tax return. Haven’t filed yet because now you have extra time? Then your eligibility for payment will be based on your 2018 returns.
Stimulus checks were sent out in 2001 and 2008, but they took far longer( up to 10 weeks) to arrive. At that time, your tax return had to be already filed for the year. Now there is are incredible technology improvements within the IRS, but a much smaller staff that will be overloaded with questions and requests for help from Americans who want their check. Thank any IRS folks employees that you meet, because this project will be huge!
The Senate will reconvene today (Wednesday 3/25/20/) at noon and is expected to vote shortly after that.
Find more details through FORBES.com
Susan Saunders 3/25/20