Here’s The Money You Will Get From the Senate’s $1.9 Trillion Stimulus Plan

Another round of checks will soon be in the mail, and Americans are wondering whether they will qualify. The Senate bill differs from the House proposal and eligibility requirements are more narrow, nonetheless, most Americans will still qualify for the $1400 direct payments from Uncle Sam.

$1400 Direct Payments

  • Families Making Less than 160k per Year Will Qualify For Checks

According to the latest version of the Senate bill, American families making less than $160,000 per year will qualify for $1400 direct payments per person. (The payments include children.) This means, a family of five would receive $7,000.

  • Individuals Making Less than 80k per Year Will Qualify For Checks

Individuals making less than $80,000 also qualify for $1400 stimulus checks.

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The Senate plan differs from the House plan in that it lowers the income caps from $200,000 per family to $160,000 and, the cap on individuals goes from $100,000 to $80,000. 

The payments will be calculated based on 2019 or 2020 income. Meanwhile, adult dependents (like college students) will be eligible for payments as well.

$300 per Week Unemployment Checks 

If you’re out of work, the federal government will provide you with an additional $300 per week from now through September. This money is in addition to whatever state benefits an unemployed worker may also receive. And there’s another benefit: $10,200 worth of unemployment benefits will be given out TAX-FREE.

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Freelance workers and independent contractors are eligible for these $300 weekly checks.

The $300 per week proposal is less than the House’s $400 a week plan however, the House plan did not allow for the money to be doled out tax-free.

The expectation is that this bill will be heading to President Biden’s desk before March 14th. Americans will likely receive their payments two-three weeks after that date.

 

 

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