Houston Chronicle by James Osborne and Benjamin Wermund March 25, 2020
Senate leaders early Wednesday announced they struck a deal with the White House on the largest stimulus package in American history, aimed at curbing the spread of the coronavirus and staving off deep damage to the economy. Here’s what we know:
What does the stimulus package do?
The deal agreed to early Wednesday would inject $2 trillion into the national economy, through hundreds of billions of dollars in business loans, $1,200 checks to individual Americans, and expanded unemployment benefits.
The package also includes a $150 billion “coronavirus relief fund for state and local governments that have so far carried much of the burden of combating the outbreak,†Senate Minority Leader Chuck Schumer said in a letter sent to senators Wednesday. It also offers up $55 billion to boost hospitals, as well as tens of billions in emergency funding for schools and transit, according to the letter.
Who is eligible for assistance checks?
All Americans who earn $75,000 or less would receive a one-time check of $1,200, as well as $500 per child. The benefit would be phased out for those earning more than $75,000 at a rate of $5 for every extra $100 they earn, with those earning more than $99,000 individually receiving no check at all. Married couples earning $150,000 qualify for a $2,400 payment. Those without any income or whose earnings come from from programs like Social Security are qualified to receive payment.
More:
https://www.houstonchronicle.com/business/article/What-you-need-to-know-2-trillion-stimulus-covid19-15155835.php
