Congress has finally passed its $2 trillion stimulus package, known as the Coronavirus Aid, Relief and Economic Security Act, or CARES Act.
While there is plenty of money that will be going to large corporations, such as airlines, there is a lot that should help everyday Americans. Here are some of the changes that could send funds to your bank account in the weeks ahead.
If your adjusted gross income is $75,000 or less, you’ll receive one check of $1,200. If you and a spouse filed jointly, earning up to $150,000, you’ll receive a check for $2,400. If you file as head of household, you’ll get $2,400 if you earn $112,500 or less.
That said, your check could be a little bigger if you have children. Parents will receive an extra $500 for each child under age 17.
What if your adjusted gross income is more than $75,000 per person? You may still get a check, but the amount decreases with higher incomes. If you earn more than $99,000 per person, you will not get a check.