ELIGIBILITY:

  • You must have a Social Security Number to be eligible.
  • People who are currently receiving Social Security retirement and disability payments are eligible.
  • People receiving unemployment payments are eligible.
  • Veterans are eligible.

DETAILS:

  • Direct payments of $1,200 to most individuals making an adjusted gross income of up to $75,000, or $2,400 for couples making up to $150,000. Each dependent child age 16 years or under increases the amount by an additional $500. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000.
    • Even as an adult, you are not eligible to receive payment if you are claimed as a dependent.
    • Individual and joint adjusted gross income will be used in calculating payment amounts. The numbers will be determined by one’s 2019 tax return filing. If someone has not prepared a 2019 tax return, it will be determined by the 2018 tax return. If someone has not prepared a 2018 tax return, a 2019 Social Security statement may be used to determine your income based on what an employer reported to the IRS.
    • There is no application process for payment.
      • The IRS will disburse payments via direct deposit based on bank account information that you have provided to them.
      • Those without a bank account on file should receive checks in the mail, which would take longer.
    • Payments are scheduled to be disbursed within 3 weeks of bill signing, followed by a mail notice notifying individuals of their disbursement within 2 weeks.
    • Disbursements will not be subject to income taxes.
    • It will be a one-time payment.
  • Expanded unemployment benefits that boost the maximum benefit by $600 per week and provide laid-off workers their full pay for four months. Eligibility is extended to independent contractors and the self-employed.
    • Coverage:
      • People normally eligible for unemployment benefits;
      • Self-employed people;
      • Part-time workers; and
      • Unemployed due to COVID-19-related reasons.
      • People who are unemployed, partially unemployed, or cannot work due to diagnosis of, experienced symptoms of, or seeking diagnosis for COVID-19.
      • People who must care for family or household members who have received diagnosis.
      • People who have been immediately laid off from a new job as a result of COVID-19, and don’t have sufficient work history necessary to qualify for normal unemployment benefits.
      • People who must self-quarantine, as a result of the outbreak.
      • People who rely on school, day care, or other facilities to care for children, elderly parents or other members of their household – and that facility is shut down due to COVID-19.
      • People whose head of household passed away as a result of COVID-19.
    • Received Benefits:
      • Based on state unemployment benefit packages.
      • Eligible workers will receive $600 per week, in addition to state benefits.
      • Workers who are unemployed, partially unemployed, or cannot work due to diagnosis of, experienced symptoms of, or seeking diagnosis for COVID-19 are covered.
      • Workers who must care for family or household members who have received diagnosis are covered.
    • Duration of benefits:
      • In addition to the 26-week unemployment benefit package provided by many states, this bill with add 13 weeks – totaling at a maximum possibility of 39 weeks.
  • $367 billion in loans for small businesses
    • Find an analysis of how this might help small businesses here.
  • $150 billion for state and local governments
  • $130 billion for hospitals
  • $500 billion in loans for larger industries, including $25 billion for passenger airlines; $4 billion for carriers; $3 billion for aviation contractors and $17 billion for “businesses critical to maintaining national security.
  • Creation of an oversight board and inspector general to oversee loans to large companies
  • Measure prohibiting companies owned by President Trump and his family from receiving federal relief
  • $25 million for the John F. Kennedy Center for the Performing Arts
  • $400 million for election security grants

You can calculate your expected payment amount here.