Thousands of American households are being affected by the Coronavirus crisis, this motivated the Senate to create an aid plan for 2 trillion dollars, which will focus on providing support on issues of unemployment, retirement, student loans, among others. Here we will tell you the most representative of the project:
The stimulus payments for adults are planned to be around $1,200.00 and for those with children under 17 an additional $500.00, this payment will be made only once. Single adults who have Social Security numbers, who prove to be residents of the United States, and who have a gross income of less than $75,000.00 or less, would get the total amount of $1,200.00. Married couples with incomes of $150,000.00 or less would receive a total of $2,400.00. Households would receive $1,200.00, only if their income was $112,500.00 or less and scaled-down checks if their income is up to $136,500 annually.
The payment will decrease for people with incomes higher than those mentioned above. Adjusted checks will be issued for individuals with incomes up to $99,000.00, the check will be reduced by $5.00 for every $100.00 of income greater than $75,000.00, and will be scaled for married couples with incomes greater than $ 150,000.00 up to $ 198,000.00 thousand.
People who qualify for financial aid will receive the money in approximately three weeks in their bank accounts, although it could take more weeks, as long as the internal tax service has the necessary information. Likewise, they will not have to pay taxes on this money.
This new bill would include freelancers and part-time workers, unemployed or people who cannot be linked to work for reasons related to Coronavirus, also those who have received a positive diagnosis of the disease or who must care for a family member diagnosed with Covid-19, or who must be part of quarantine. The money they receive will vary depending on the state. Any person who is a dependent on taxes, for example children who live at home and are 17 to 18 years old or dependent university students who do not pay at least half of their expenses, or older parents residing with their children will be excluded. Nonresident aliens and workers in the United States without a green card are also excluded.
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Additionally, the Department of Education will suspend interest on student loans and can also apply for administrative forbearance or temporarily defer the monthly payment of your federal student loan for 60 days effective March 13,2020. This period can be extended depending on the situation of the Covid-19.
If any person has the need to withdraw the money from the I.R.A. or from your early work retirement plan, you can do it up to $100,000.00, without being fined 10 percent, only if the withdrawal corresponds to reasons related to Coronavirus.
If, on the other hand, you want to offer financial support to the people who were affected by the pandemic, you can do so by handing over money to a qualified charity, donating a maximum of $300.00 a year to access the deduction benefits on your bills.
With this information you can verify if you are eligible to receive the help that this project proposes.
