Merry Christmas, America.
The House of Representatives has officially authorized $900 billion in coronavirus relief spending. The money will provide:
- $600 in federal checks for many Americans, plus additional $600 for dependents
- An extension of $300 per week federal unemployment benefits.
The bill now heads to the Senate where it is expected to pass with strong bipartisan support.
The payments will be income-based and will phase out for individuals with incomes greater than $75,000 or couples with incomes higher than $150,000.
According to Treasury Secretary Steven Mnuchin, the first electronic payments could hit individuals’ bank accounts as early as next week.
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