How will the $2 trillion stimulus rescue package impact you?

Getty									Will your coronavirus stimulus check be sent to you by direct deposit? Or by mail

Getty Will your coronavirus stimulus check be sent to you by direct deposit? Or by mail

If you're a single USA resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the US government.

The Senate unanimously passed a massive $2.2 trillion coronavirus emergency rescue package late Wednesday, and among its many tools to bolster the economy amid the COIVD-19 pandemic is $290 billion set aside for direct payments to most Americans. Mind you, a lot of it will go toward bailing out tax-dodging corporations (including cruise lines) instead of hardworking Americans, many of whom need help keeping their children fed and lights on due to job furloughs, unsympathetic landlords, and student loan officers. The bill still must go through the House - a vote to pass it is expected Friday - and be signed into law by the president. Married couples and joint tax filers who earn up to $198,000 would also be eligible to receive payments under the bill.

For those making less than $75,000, expect to receive a check of $1,200 per adult and $500 per child under the age of 17.

The amount received will lessen in cases where individuals make more than $75,000 annually, and people making more than $99,000 per year would not be eligible to receive cash payments. If a 2019 tax return has not been filed, 2018 returns will be used.

The stimulus package allows people receiving Social Security, many of whom don't file taxes, to obtain direct financial assistance. That extra amount is available for up to four months.

It has not been determined when the money will be sent to people.

The stimulus bill does not provide a specific timeline for payment distributions, but the Treasury Department suggested last week to members of Congress a start date of April 6, with a second batch of checks going out on May 18. They must meet the same income requirements as everyone else. The Washington Post has a calculator for estimating how much money your check should contain.

According to the Tax Policy Center, about 90% of Americans will qualify for a payment.

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