NEW Stimulus Package in Congress: $2,000 Per Month! [Details]
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House Representatives today introduced a new stimulus bill called the Emergency Money for the People Act. This plan, if implement, would release monthly stimulus to all Americans at least 16-years old as of January 1, 2020. The stimulus amount would be $2,000 for anyone 16 years or older which now solves the college-student loophole in the Cares act and the senior dependent issue as both would now qualify. It’s not clear if those who are NOT residents or citizens would qualify (e.g. those with ITEN numbers). A married couple filing jointly with 1 or 2 children should expect $4,500 per month. A Married couple filing jointly with no children would expect $4,000 per month. A single person should expect $2,000 per month. A married couple filing jointly with 3 or more children should expect $5,500 per month. IF approved payments are to be made within 14 days of the act passing with a new toll-free number and option for Zelle, Paypal, and Venmo deposits. In addition the Emergency Money for the People Act suggests that this money will NOT be taxable. Income limits / phase outs begin at $130,000 for individuals and $260,000 for couples filing jointly.
This bill has not yet been passed and there may be many modifications to this. However I recommend following it closely. It’s the Emergency Money for the People Act.
Is the the second round of stimulus payments? Possibly. Congress is currently fighting and debating an additional $250 billion to support small businesses via programs like the Paycheck Protection Program, HOWEVER this Emergency Money for the People Act (EMPA) is SEPARATE from that fight and we might see many more checks coming our way signed by Donald Trump.
Unemployed people would be eligible for this second round of stimulus.
2019 tax-returns would be used to determine your eligibility unless you haven’t filed, then 2018 would be used or your social security information.
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