MEMPHIS, Tennessee —
Congress is working on a massive stimulus deal to fight what COVID-19 is doing to the economy, and you may be asking ‘where's the money?’
Wednesday night there's an agreement congress will pass and the President will sign Thursday. Here's what it'll likely mean for you.
The unprecedented spending bill from the government will go primarily to hospitals, businesses large and small, and families. Altogether, it's two trillion dollars, half the normal budget.
$1,200 will go to every adult who makes less than $75,000, $500 per child.
If you're unemployed, an additional $600 a week on top of what your state already gives out, for up to four months.
$367 billion in loans for small businesses, mostly to help them keep workers on the payroll. $500 billion in loans for industries, cities, and states and $130 billion for hospitals.
Back to that payout check. Each adult making $75,000 a year or less will get $1,200 if you haven't filed your 2019 taxes, it'll be based on your 2018 income. So, married couples can make up to $150,000 a year and get a $2,400 check. Also, you get $500 for every child under age 16. If you make over those amounts, the checks start to get smaller, and incomes of $99,000 or more won't get anything. Same with married couples without children who earn over $198,000.
Three other questions we're getting a lot.
Will I get a stimulus check if I'm already on social security? The answer is yes.
Will my stimulus check be taxable income? That's highly unlikely, but no congressional office we contacted could say for sure.
When will I get my check? That depends. If you file your taxes using automatic deposit, the Treasury Secretary says in two to three weeks, but most experts say that's extremely optimistic, although everyone agrees, if you file your taxes by mail your wait could be as long as four months.