Don’t spend your stimulus money yet. The last time the Federal Government approved stimulus checks, it was 3 months before the checks were mailed!
The House of representatives on Friday passed the largest aid measure in American history, a $2 trillion stimulus package that President Donald Trump signed into law. Direct payments will be made to Americans to help offset financial hardships incurred during the coronavirus pandemic.
Under the plan, individuals who earn $75,000 or less in adjusted gross income would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400.
An additional $500 per child (under 17 years old) will be tacked onto that.
The payment would scale down as income rises, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
Ninety percent of Americans would be eligible to receive full or partial payments, according to estimates by the Tax Policy Center.
It’s unclear how long it will take the Internal Revenue Service to process and calculate each and every payment. The White House has indicated that Americans could be seeing direct payments as soon as April 6.