“All U.S. residents are eligible as long as they have a work-eligible Social Security number and meet the income requirements.” – (Bradley C. Bower / Associated Press)
“Congress has passed, and President Trump has signed, a $2-trillion economic stimulus package — the largest of its kind — designed to send money directly into Americans’ pockets while also aiding hospitals, businesses and local governments struggling during the pandemic.
“The payments are not taxable, according to a Senate aide.”
“Payments could arrive in as early as three weeks for people who have already set up direct deposit with the IRS, which is about 50% of Americans, according to Treasury Secretary Steve Mnuchin. Others may have to wait weeks or even months to see their money because it will take the IRS longer to get the paper checks printed. Prepaid debit cards may be sent out as an alternative.”
“In addition to providing many Americans with a one-time payment of up to $1,200, the bill includes $500 billion in loans to struggling businesses, $377 billion in loans and grants for small businesses, $150 billion for local, state and tribal governments facing a drop in revenue and $130 billion for hospitals dealing with an onslaught of patients.
“Under the expanded unemployment program, assistance would be available to people who had the promise of a job that was postponed or canceled because of the coronavirus threat and to those whose workplaces closed because of it.