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The House passed Friday, and President Donald Trump is expected to swiftly sign, a $2 trillion stimulus bill to address the dramatic economic crisis caused by the coronavirus pandemic.

Included are direct payments to many Americans, an unprecedented expansion in unemployment benefits and $350 billion in small business loans.

But while people need help immediately, it will still take time to get everything moving.

Here's what you need to know:

Direct stimulus payments

How much do I get?

Individuals would be due up to $1,200 and couples would receive up to $2,400 -- plus $500 per child.

But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything.

 

Coronavirus cases top 531,000 globally

The income thresholds would be doubled for couples.

Income would generally be based on one's 2019 or 2018 tax returns. Those who made too much to qualify in those years, but see their income fall in 2020 would receive a tax credit when they file their return next year, according to the Senate Finance Committee.

And those who make more this year than last would not have to pay back any stimulus money they receive if they end up exceeding the thresholds. The payments would not be subject to tax, and those who owe back taxes would still get a check.

When do I receive the money?

We don't know how long it would take the IRS to send out all the money, but it would likely take weeks before the first payments start going out.

Treasury Secretary Steven Mnuchin said on Wednesday that the IRS would begin issuing payments within three weeks of the legislation being signed into law. The bill simply calls for payments to be made "as rapidly as possible."

But experts say it could take longer. In 2001, it took six weeks for the IRS to start sending out rebate checks under a new tax cut, and in 2008, it took three months after a stimulus package was signed into law.

How do I get my money?

The money would likely be deposited directly into individuals' bank accounts -- as long as they've already authorized the IRS to send their tax refund that way over the past two years.

If not, the IRS would send out checks in the mail.

For those that haven't filed a 2019 or 2018 tax return, the IRS would rely on information on file at the Social Security Administration, which keeps records on all Americans who have paid payroll taxes.

It's still possible that some people may fall through the cracks. On its website, the IRS says no sign-up would be needed to receive the money, but it's possible the agency ends up offering further guidance.

The Rev. Joseph Lowery, a leader in America's civil rights movement, died Friday.

He was 98.

© 2020 by BlackOnline TV

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