The story. President Donald Trump has signed a $2 trillion economic relief plan to offer assistance to tens of millions of Americans affected by the coronavirus.
What does this mean?
Most Americans will get a one-time payment of $1,200. And families get an extra $500 per child.
If you make above $75k, you won’t get the full $1,200, and those making above $99k don’t qualify.
What if I’m unemployed?
Those who are unemployed, are partly unemployed or cannot work for a wide variety of coronavirus-related reasons will be more likely to receive benefits. They would get whatever their state usually provides for unemployment, plus $600 per week for up to four months. And those who aren’t typically eligible for benefits including gig workers (think: Uber, Lyft drivers) and freelancers will be covered.
What else does the plan cover?
- Small businesses: $367 billion have been set aside for small businesses (for loans to help pay workers or pay rent).
- Hospitals: $130 billion for hospitals fighting the coronavirus.
- Other industries: industries like airlines can get some relief from the package’s $500 billion loan fund. But businesses from the Trump family or any senior gov official don’t qualify for loan money.
When will I get my money?
Treasury Secretary Steven Mnuchin said Americans would receive checks within three weeks. The money could be sent out electronically or by mail.
Whom does the bill leave out?
Workers who are able to work from home, and those receiving paid sick leave or paid family leave are not covered. New entrants to the work force who cannot find jobs are also ineligible.
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