»COMPLETE COVERAGE: CORONAVIRUS
Trump said he expects the stimulus to come in “phases,” so that if the initial checks don’t fuel the economy, the government will “keep doing it,” referring to continuing to administer stimulus checks to Americans.
“We’re also talking about doing phases if this doesn’t work,” he said. “Once we get the economy back − and the invisible enemy is defeated − it’ll all come back to us rather quickly.”
Who gets the checks?
Despite some mixed reports that "all" Americans will get a check, experts have pointed out some of the limitations of the stimulus. According to a review of the plan by Slate, Americans with little to no tax liability will receive less than the often talked about "$1,000." Instead, they will be eligible for a minimum payment of $600. That would apply to many of the working poor, who likely are most impacted by the now sluggish economy due to coronavirus. Those who earned less than $2,500 will get nothing at all.
“Low-wage workers who don’t have a federal tax return for 2018 or 2019—adults generally aren’t required to file one they if earn less than the standard deduction—also won’t qualify for the early rebate,” according to the Slate report.
The direct cash payment plan to help Americans hurt by the coronavirus pandemic, unveiled by Senate Republicans Thursday night, would send checks of up to $1,200 per person, but the exact amount will be based on income.
Majority Leader Mitch McConnell, R-Ky., shared some details on the plan Thursday. Individuals making up to $75,000 annually would be eligible for a $1,200 check from the federal government.
The cash will be delivered in one-time payments, for now. President Donald Trump and Treasury Secretary Steve Mnuchin had in recent days pushed for Americans to receive two payments.
Other variations of the stimulus apply to married couples who file their taxes jointly. Those couples who make less than $150,000 to qualify for their payment, which would be $2,400.
According to McConnell's proposal, the payments decrease from there. For individuals, the sum of the payment falls b"These recommendations would blunt the impact for most Americans and limit the damage to the U.S. economy," Senate Finance Committee Chairman Chuck Grassley, R-Iowa, said in a statement to NBC News. "These recommendations won't be the end of the congressional response to the coronavirus."y $5 for each $100 earned over $75,000.
Who else won’t get a check?
Anyone making more than $99,000 annually will not see a check, according to the proposal.
Married couples earning more than $150,000, the payment also declines gradually and phases out completely for couples making more than $198,000, according to the plan.
The plan is still in the works, but the Treasury Department has proposed two $250 billion cash infusions to individuals: the first set of checks issued starting April 6, with the second wave in mid-May.