Earning less than $75,000 would get you the maximum $1,200 check under the Senate’s coronavirus bill. REUTERS/Brian Snyder
- The Senate on Wednesday night unanimously passed a $2 trillion coronavirus relief package.
- The bill calls for directly sending people checks depending on the income they reported on their 2019 taxes.
- The payments would start at $1,200, declining for individuals who made more than $75,000 and married couples who filed jointly and made more than $150,000. It would add $500 for each child.
- Heads of households who made $112,500 or less would be eligible for the full refund, which would decline for those who made more than that.
- People who made $99,000 or more and couples who made $198,000 or more would not be eligible for the payment.
- Visit Business Insider’s homepage for more stories.
The Senate on Wednesday night unanimously passed a roughly $2 trillion stimulus package to deal with the effects of the coronavirus outbreak, and it includes a provision to send checks to Americans.
The direct payments would fluctuate depending on the adjusted gross income a person reported on their 2019 taxes, according to a copy of the bill. If you haven’t filed for 2019 yet, the government will use the income from your 2018 taxes.
Here’s how much you would get based on your income:
- $1,200 for an individual who made $75,000 or less.
- $1,200 for a head of household who made $112,500 or less.
- $2,400 for a couple who filed jointly and made $150,000 or less.
- $500 per child.
- $1,200 minus $0.05 for every dollar over $75,000 that an individual made.
- $1,200 minus $0.05 for every dollar over $112,500 that a head of household made.
- $2,400 minus $0.05 for every dollar over $150,000 that couples who filed jointly made.
Andy Kiersz/Business Insider
Because the payment decreases by $0.05 for every dollar over a certain amount, individuals who made $99,000 or more and couples who made $198,000 or more would not receive a payment.
If the House of Representatives passes the bill, it will be sent to the White House, where it would be expected to be signed into law.
The bill says the checks are set to be sent “as rapidly as possible” via direct deposit to accounts used on tax filings in 2018 or later. For people without direct deposit or a bank account, the checks are likely to be sent in the mail, which could take months to arrive.
Here’s everything you need to know about the payments.
LoadingSomething is loading.