Stimulus

Coronavirus Economy: What We Know About The GOP Stimulus Package

$600 unemployment checks are about to stop. Congressional Republicans have put forward a stimulus plan. We’ll dig into the details.

Guests

Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth. (@Claudia_Sahm)

Kenneth Rogoff, professor of economics and public policy at Harvard University. Co-author of “This Time Is Different.” (@krogoff)

Heather Caygle, Politico reporter covering Congress. (@heatherscope)

From The Reading List

Politico: “‘It’s a mess’: Republican senators deride key proposals in GOP virus package” — “he jockeying on Capitol Hill underscores how far apart both parties remain — and the treacherous path Senate Majority Leader Mitch McConnell faces as he confronts internal GOP divisions and kicks off negotiations with Democrats.”

Washington Post: “Coronavirus relief talks hit impasse on Capitol Hill” — “Negotiations on a new coronavirus relief bill hit an impasse on Capitol Hill on Wednesday,

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Monday’s new stimulus check proposal: How much money could you receive?

cash funds running out of money change dollars wallet empty

Could a second stimulus check bring more relief money than the first? Less? The same amount?


Sarah Tew/CNET

We’re just two days away from learning every detail about the Senate Republicans’ plan for the next economic rescue package, which is expected to be announced on Monday. Likely to be called CARES 2, the proposed legislation will include a second stimulus check — but how much money will be in it is still up for debate.

The Senate’s proposal might use the stimulus check guidelines that the CARES Act enacted in March, which means that eligible individuals could receive up to $1,200 and up to $3,400 for a family of four ($500 for dependents under 17). But there’s no guarantee that this is what will happen, because the Senate still needs to debate the details with Democrats in the House of Representatives after the plan is presented — and it’s

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Stimulus bill: When will you see money and benefits?

But while people need help immediately, it will still take time to get everything moving.

How much do I get?

Individuals would be due up to $1,200 and couples would receive up to $2,400 — plus $500 per child.

But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything.

Coronavirus cases top 531,000 globally

The income thresholds would be doubled for couples.

Income would generally be based on one’s 2019 or 2018 tax returns. Those who made too much to qualify in those years, but see their income fall in 2020 would receive a tax credit when they file their return next year, according to the Senate Finance Committee.

And those who make more this year than last would not have to

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