Senate passes stimulus bill; Here is what it would mean to individuals

National

WASHINGTON (WIVB) — The government’s stimulus plan, as passed by the Senate, would provide a one time check of $1,200 for qualifying adults, $2,400 for couples. Families with children would receive $500 per child.

There are income guidelines for receiving those benefits, though. Individuals with adjusted gross incomes up $75,000 a year would receive the maximum benefit. There is a sliding scale for individuals making more than $75,000 to $99,000 a year. Individuals with a gross adjusted income above $99,000 would not qualify.

Married couples who file their taxes jointly with adjusted gross incomes of $150,000 a year would qualify for the maximum benefit of $2,400. Couples with an AGI of more than $150,000 would receive their benefits on a sliding scale up to $198,000 a year. Those couples above that income threshold would not qualify.

The legislation as passed by the Senate now goes to the House of Representatives which is looking to vote on the measure Friday, and Esther Gulyas, president of EG Tax Service cautions Western New Yorkers, “People should be optimistic, but realistic, and patient,” about when they might receive those benefits.

If the House passes anything other than the measure as passed by the Senate, they might have to start the process all over.

Also some folks contacting News 4 are conflating the stimulus checks with unemployment benefits. Those stimulus benefits are separate and apart from unemployment, and are based on the taxpayer’s latest income tax return.  Once the benefits are approved, it could be weeks or months before Americans get their checks, according to Gulyas, “There are a lot of government agencies involved.” 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss