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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCoronavirus checks: Here are 3 proposals to get money to Americans
The centerpiece of the upcoming phase 3 economic stimulus bill currently being debated in Washington appears likely to be direct assistance in the form of cold hard cash.
The question is: how much will you get and whos eligible.
Here are three plans floating on Capitol Hill now and how they would each impact Americans.
The Senate GOP plan
On Thursday night, Senate Majority Leader Mitch McConnell released his plan.
Within the nearly 250-page bill is a proposal that would send up to $1,200 per person in a one-time payment. There would be an additional $500 per child. The payments would be based on income, so individuals making up to $75,000 annually ($150,000 in the case of a married joint return) would get the full $1,200.
Income is defined as wages, Social Security benefits, and any pension income. It appears that potential recipients would have the option of using their income from either 2018 or 2019 to calculate the benefits they receive.
The payments would gradually decline for individuals making between $75,000 and $99,000. Anyone making over $99,000 (or a family making over $198,000) would not get a check.
The plan will put cash in the hands of the American people, McConnell said. The Senate is not going anywhere until we take action.
Trump administrations proposal
Treasury Secretary Steven Mnuchin laid out the White Houses ideas on Thursday.
His idea is that this provision will cost a total of about $500 billion. The White House wants checks in two tranches.
The first wave would be for $1,000 per person and $500 per child as soon as possible. As soon as Congress passes this, we get this out in three weeks, he said Thursday on Fox Business.
Then, six weeks later, the second set of checks would go out with identical terms ($1,000 per person/$500 per child) if the president still has a national emergency declared.
More here: https://finance.yahoo.com/news/coronavirus-checks-here-are-3-proposals-to-get-money-to-americans-132226900.html
Wounded Bear
(58,737 posts)hope it works.
CountAllVotes
(20,878 posts)It is proof of income if nothing else.
I am ashamed how little I get for a pension after working for over 20+ years full-time.
Seems the place that "retired" me is short on $ now.
It is a huge pension system.
I won't bother to identify it as to not cause a panic as there are thousands of retirees in California that will be affected.
I have no idea what to expect given a letter that I received via email last week. I tried to confirm its validity and received a "call elsewhere" reply!
Wounded Bear
(58,737 posts)didn't figure on a federal bailout, though.
CountAllVotes
(20,878 posts)Normally, I never shop there as the prices are so high compared to the Grocery Outlet and other such places. I went there as I am double high risk!
I got out of there missing many things I need that were not in stock.
The bill was the largest grocery bill I've ever had to pay!
It was over $350.00!
I can't afford grocery bills like this for very long!
Marrah_Goodman
(1,586 posts)I wonder if I will get anything? But I am okay with it if I don't. At least I have some income.
CountAllVotes
(20,878 posts)I too receive SSDI and a very small pension of >$100 a month.
Very little after working for over 20 years, part of which was in a very high risk environment during the AIDS epidemic in San Francisco which began in 1978, not 1981 as claimed.
I remember!