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

Who is Eligible For a Coronavirus Stimulus Check and How Much is

The Senate on Wednesday night passed a major economic relief bill to try and blunt the damage being done by the escalating coronavirus crisis.

Pelosi described the negotiations as a "jiu-jitsu" moment in securing legislation that she described as worker-first instead of corporate-focused, but still said Democrats walked away with "not getting everything we want" out of the bill.

"Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check". The checks taper off up to $99,000 in income per individual and $198,000 for joint filers with no children.

Under the Senate's legislation, "qualifying children" will also receive a check.

"We're looking to get a lot more information and we have procedures to do that".

The Senate finished negotiating its coronavirus relief package early in the morning of March 25.

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As has been the case for a few days now, single individuals who make $75,000 or less are expected to receive a $1,200 payment, and the payment falls by $5 for every $100 you make between $75,001 and $99,000. Generally speaking, individuals with an adjusted gross income up to $75,000 will get $1,200 checks, or $2,400 for couples earning up to $150,000. For those who have not yet filed their taxes this year, it will be based on 2018 returns.

"People who file as a "head of household" (typically single parents with children) are eligible for a $1,200 check if they earn up to $112,500 a year". That's expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.

For those of you who'll be waiting on a check in the mail, estimates vary as to when you can expect it. Treasury Secretary Steve Mnuchin has insisted on more than one occasion that these will get into the mail in early April, but a likelier bet is that it won't happen until later in the month, if not into May.

A special note to those who are married but filing separately: The bill doesn't address this specifically, but tax experts believe the cutoffs will be the same as for single taxpayers.

"As I've said, there are so many things we didn't get in any of these bills yet in a way that we need to", Pelosi said, referring not just to the Senate bill but to two previous bills that had already been approved.

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