Stimulus Checks: What Does It Really Mean?
Treasury Department’s Proposal
We have all heard that the government is sending out $1200 checks to Americans, but there is more to it than that.
What is the money for?
When will I get my check?
Does everyone get $1200?
Here is what we really know right now:
- First, right now the checks are just a proposal. This is not a given yet. The Proposal is still waiting to be approved by Congress.
- If stimulus checks do come to all American citizens, what do we do with them? These checks are exactly what they are named: stimulus checks. We are supposed to use this money to stimulate the American economy during the coronavirus pandemic. Most people will use the funds to help with rent, groceries, or other needs during this time.
- Checks will go out to MOST, not all, Americans. Individuals making less than $99,000 a year and couples making less than $150,000 would qualify for some type of stimulus check. These are the numbers that are floating around, but may change.
- Checks would be sent to adults and children. Adults would receive up to $1,200 each and children would receive a check for $500 each. Adults (who qualify) would receive somewhere between $600-$1,200 each, depending on income.
- Right now, if the proposal passes in Congress, the first checks would be sent out on April 6th and the second would be sent out on May 18th. More money might be sent out if things don’t get better in the next couple of months.
As of now, the proposal has been approved by the Senate. But, is still just a proposal that is sitting in Congress. There is still a lot that we don’t know about the stimulus package and it is still a big IF.
The latest information on the Stimulus Checks Proposal can be found at https://home.treasury.gov/ or on most major news websites.
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