At last check the Coronavirus Stimulus package was approved by the house. This is roughly a two-trillion dollar measure to help us all. I will admit that I was pretty skeptical about the entire thing thinking that I wouldn't end up seeing a single penny or that it wouldn't go to help those with a fixed income. I went searching for a breakdown of how it would work out and luckily I found out I was wrong. Luckily the LA Times did a breakdown. Here is how it goes.
Many Americans will receive a direct payment from the American government. According to The Los Angeles Times, Americans who make below $75,000 a year will get $1,200, plus $500 for each child under 17. But where it gets tricky is for those who make more than $75,000: The check amount is reduced by $5 for each $100 in income over $75,000. Another concern? The amount is calculated based on a person's 2018 tax return (or 2019, if available). If someone would be eligible now, but wasn't eligible in 2018, the IRS has said they will credit the tax return this year. All U.S. residents are eligible as long as they have a Social Security number and meet the income requirements. The government plans to start paying Americans in as soon as three weeks. Let's hope this all goes smoothly because I know we all could use it.