Who gets money? Here's what you need to know about the $2 trillion relief for COVID-19
CHATTANOOGA, TN — The largest relief aid package in the nation’s history has one last hurdle to cross before President Trump can sign it into law.
A part of more than $2 trillion plan is to put money into your pockets.
The House of Representatives has to vote on this, which is expected to happen Friday.
If President Trump signs it into law, most Americans can expect to get a one-time payment either as a direct deposit or a check.
If you make less than $75,000, you can expect to get $1,200.
Double that if you are married, and make $150,000.
There is $500 dollars per child.
If your salaries exceed those numbers, your payment will decrease at a rate of five dollars for every 100 dollars in extra income.
If you make more than $99,000 dollars or $198,000, you will not get any money.
Economic advisor Neil Jesani does business in Chattanooga. He said giving this money to people who need it will help revive the economy.
“It’s going to help circulate the money and it’s going to bring some confidence overall into the economy," he said Thursday morning.
Those receiving Social Security and disability can also expect to see a check, as long as their income does not exceed the max totals.
In the bill, furloughed workers can get their salaries for up to four months.
If you’re on unemployment, you would earn your usual payment plus an extra $600 a week.
Jesani thinks this can give people comfort through the COVID-19 pandemic.
“With this money, they will be able to buy the groceries, gas and the needed medicine they need," he said.
United States Secretary of the Treasury Steven Mnuchin said he would like to the payments to start rolling out by April 6.
The last time payments like the ones being discussed were made was back in 2008 and 2001.
At those times, it took at least a month before Americans started seeing that money.
The bill has other purposes as well.
Overall, $250 billion would go toward unemployment insurance benefits, $350 billion for small business loans and $500 billion in loans to distressed corporations.
