Money to Stimulate the Economy Due to COVID-19

Money to Stimulate the Economy Due to COVID-19

Senator McConnell’s proposal is Coronavirus Aid Relief & Economic Security Act has three major priorities per his tweet:

1. More direct assistance for American workers & families.

2. Secure our economic foundation & our small businesses.

3. Further support for medical professionals.

The money to families will be income based. Income is defined as wages, Social Security benefits, and any pension income. Some reports are saying the amount will be $1,200 to individuals, $2,400 to married couples and $500 per child. This is not finalize there will be more talk on Monday.

Checks would start to phase out for individuals who had $75,000 or more in adjusted gross income, or $150,000 for married couples who file jointly, according to their 2018 or 2019 tax return. This is a one-time check vs. a continuous payment. Wait for the final ruling and remember there are no free lunches.