President Trump officially signs the $2 trillion coronavirus relief bill in the Oval Office.
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Many American households are expecting coronavirus-related financial relief from the federal government, after the president signed a massive spending package on Friday.
One of the key provisions in the spending package is direct cash payments that will be made to eligible taxpayers – based on their adjusted gross income.
The payments are expected to be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000, who are eligible for $2,400 and $500 per child.
The phase-out rate is $5 for every $100 above that threshold.
The benefit phases out entirely for those earning more than $99,000, or $146,500 for heads of household with one child and $198,000 for joint filers without children.
