Massive coronavirus bailout bill up for final vote in House
Congress is poised to approve an unprecedented $2.2 trillion economic rescue package that will provide one-time checks for most Americans and significant enhancements to unemployment benefits.
House Speaker Nancy Pelosi said she intends to bring the legislation to the House floor today and she is seeking to hold a voice vote, which would not require the House’s 429 sitting members to reconvene in Washington.
If the bill passes, everyone earning up to $75,000 in adjusted gross income — the income on your tax return — and who has a Social Security number will receive a $1,200 payment. The payment steadily declines for those who make more, and phases out for those who earn more than $99,000.
For married couples, both adults receive $1,200, with the phase-out starting at $150,000 of income and falling to zero for couples who earn $198,000. Each child will also get $500. For heads of household with one child, the benefit starts to decline at $112,500 and falls to zero at $146,500.
The U.S. Treasury will direct-deposit the money in people’s banks if they have that information from this year’s tax return or last year’s. For everyone else, they will mail a check. For people who didn’t file a tax return for either 2018 or 2019, the check could be delayed. The government can use people’s Social Security benefit statement as well to find out where to send the check.
Treasury Secretary Steven Mnuchin has said repeatedly the money should arrive in three weeks.
The bill adds $600 a week, for a period of four months, to standard unemployment benefits, which vary by state. The measure adds 13 weeks of coverage for people who have exhausted their existing jobless benefits. It also provides funding for states to let people collect their payments immediately, eliminating a oneweek waiting period.