The Senate passed a $2 trillion stimulus bill to help support the the country's economy during the novel coronavirus pandemic, with the House of Representatives set to vote on the bill Friday morning. The bill includes sending most Americans a personal check to help prop up households amid the economic disruption. Business Insider created a chart to show how much money Americans will receive from the relief package, based on their income. An individual who reported an income of $75,000 or less on their taxes will receive $1,200, with declining amounts for Americans earning more than that. Visit Business Insider's homepage for more stories.
The novel coronavirus has had a major impact on the US economy, from businesses having to temporarily close to many Americans across several industries being laid off from work. To help with the economic strain from the outbreak, the Senate on Wednesday night passed a $2 trillion stimulus bill, with the House of Representatives set to vote on the bill Friday morning. The coronavirus relief package includes giving most Americans a personal check based on their adjusted gross income reported on their 2019 taxes, or their 2018 taxes if they have not filed this year's taxes yet. The following chart shows how much taxpayers will receive from the stimulus package based on filing status and income. An individual who made $75,000 or less will receive a check of $1,200, while a couple who filed jointly and made $150,000 or less will receive $2,400. The size of the checks decreases by $0.05 for each dollar earned above those cutoffs, with single filers earning more than $99,000 and married couples earning more than $198,000 getting nothing: SEE ALSO: READ: Here's how the government wants to spend $2 trillion to protect the economy from coronavirus' effects Join the conversation about this story » NOW WATCH: Why bidets are better than buying countless rolls of toilet paper
More like this (2)
The IRS will reportedly begin issuing $1,200 stimulus payments on April 9, but some Americans could wait up to five months to receive their check
The IRS will begin sending out coronavirus stimulus checks as soon as April 9, according to...The IRS will begin sending out coronavirus stimulus checks as soon as April 9, according to an internal distribution plan obtained by The Washington Post. Electronic payments will be sent out next Friday, the internal document said, but paper checks will be mailed out to Americans on a weekly rotation. The plan set priority for paper check distribution to those with the lowest-income — individual taxpayers making $10,000 or less on April 24. Checks for those under the $20,000 or less bracket will be mailed a week later on May 1, followed by Americans earning $30,000 or less on May 8, and so on. About 145 million Americans can expect a stimulus check to support those who have been impacted by the economic fallout of the coronavirus pandemic, with about 6.6 million people filing for unemployment. Visit Business Insider's homepage for more stories. The IRS will send out $1,200 coronavirus stimulus checks beginning April 9, The Washington Post reported, citing an agency plan. However, some Americans could wait as long as five months to receive their check, according to an internal document obtained by The Post. According to the payment schedule, electronic payments will go out next Thursday, with deposits being made by April 14 at the latest, The Post reported. "If we know where to put the money, we're going to press the button and put it there next week," an anonymous IRS official told the publication. The plan set priority for paper check distribution to those with the lowest-income — individual taxpayers making $10,000 or less on April 24. Paper checks will be mailed out to Americans by $10,000 increments per week starting on that date, according to the internal document. For example, checks for those under the $20,000 or less bracket will be mailed a week later on May 1, followed by Americans earning $30,000 or less on May 8, and so on. Checks to joint taxpayers making $198,000 — the maximum eligible income for the stimulus package — will be distributed on September 4. About 145 million Americans can expect a stimulus check to support those who have been impacted by the economic fallout of the coronavirus pandemic, with about 6.6 million people filing for unemployment. Most Americans should receive their money by April 17, Treasury Sec. Steven Mnuchin said. But the IRS still has yet to publicly announce how it plans to distribute the stimulus package money to Americans. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, adult taxpayers earning $75,000 or less will receive a $1,200, including an additional $500 per dependent. Americans making more than $99,000 will not receive aid, The Post reported. Representatives from the Treasury Department and the IRS did not immediately respond to Business Insider's requests for comment.SEE ALSO: The 5 most important things to know about the government's plan to pay Americans $1,200 to fight the coronavirus outbreak Join the conversation about this story » NOW WATCH: Extremists turned a frog meme into a hate symbol, but Hong Kong protesters revived it as an emblem of hope
A $2 trillion economic relief bill was signed into law on Friday, meaning many Americans will soon...A $2 trillion economic relief bill was signed into law on Friday, meaning many Americans will soon receive one-time payments of up to $1,200. To get a stimulus check from the IRS, you need to have a Social Security number and live in the US. The amount you would receive depends on the adjusted gross income reported on your latest tax return. The IRS would disburse the funds according to the direct-deposit information on your latest tax return or send a check to the address it has on file. This post will be updated as more details are released. Read more personal finance coverage. President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, into law on Friday. The $2 trillion stimulus package, the largest emergency-relief bill in American history, will direct one-time payments, or "recovery rebates," of up to $1,200 to many Americans. You do not have to sign up to receive a stimulus check. The process would be automatic for any American who qualifies. Here's how to get a stimulus check: 1. Have a Social Security number To get a stimulus check, you need to have a Social Security number and live in the US. Nonresident aliens, people without a Social Security number, and adult dependents are not eligible. 2. File a tax return for 2018 or 2019 The size of your stimulus check would be based on the adjusted gross income listed on the latest tax return you filed. For most people, that's either this year's tax return or 2018's. Americans whose adjusted gross income was less than $75,000 would receive the maximum amount: $1,200. Reduced payments would be sent to single filers who earned between $75,000 and $99,000, or married filers who earned between $150,000 and $198,000. There's also a $500 payment per child under age 17 for parents in the bill. Business Insider's Andy Kiersz created the following chart showing how much taxpayers would receive from the stimulus package based on filing status and income. 3. Check your direct-deposit information The IRS would disburse the funds according to the direct-deposit information provided on the last tax return you filed. If you collect Social Security benefits because of retirement or disability and use direct deposit, the IRS would use that. It's unclear which date the Treasury would use as a cutoff for processing these payments, but if you haven't filed your 2019 tax return yet and want to make sure your stimulus check would get deposited in the right account, file as soon as possible. You wouldn't have to do anything but wait for the deposit to show up in your bank account. If the bank account you previously listed is no longer active, you'd likely wind up receiving a paper check. Nicole Kaeding, the vice president of policy promotion and an economist at the National Taxpayers Union Foundation, tweeted shortly after the bill passed in the Senate that about 60% of tax filers provided direct-deposit information on their returns last year. Treasury Secretary Steven Mnuchin said in a White House briefing that the agency was hoping to get direct-deposit payments to people as soon as three weeks from the passage of the bill. 4. Check your mail If you didn't provide bank information on your last tax return, the IRS would mail your check to the most recent home address it has on file. Checks typically take longer to receive since they're sent via USPS. If you recently moved, you should notify the IRS as soon as possible. It's unclear at this time how the IRS plans to reach Americans at the lowest income levels who aren't required to file a tax return. "The challenge will be reaching individuals who don't file tax returns but do not claim Social Security benefits," Kaeding told The Hill. This post will be updated as more details are released. Read more on managing your money in this tumultuous time: 3 options for people struggling to pay their mortgage during the global health crisis 4 reasons to get disability insurance, even if you don't think you need it If you've been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more Join the conversation about this story » NOW WATCH: How to find water when you're stuck in the desert