All nonessential businesses are closed and people should only be outside for short periods of time if they absolutely need to. It’s for the best. However, people still have bills to pay and need money to survive during this pandemic. The government has created the Coronavirus stimulus bill as a temporary solution to this.
I’ve heard from multiple sources what the Coronavirus stimulus bill entails. According to the New York Times, “Its components include stimulus payments to individuals, expanded unemployment coverage, student loan changes, different retirement account rules and more.”
Eligible adults will receive $1,200 or less. Your 2019 income tax determines whether you’re eligible. Single adults with Social Security numbers who are United States residents and have earned an income $75,000 or less are eligible for the full amount. Married couples with no children who earned $150,000 or less would receive $2,400. Parents will receive an additional $500 for children under 17 years of age.Taxpayers filing as head of household who earned $112,500 or less will also receive the full amount. Any adult claimed as dependent will not receive any funding.
Regarding student loans, the New York Times reported: “the bill temporarily suspends nearly all efforts to garnish tax refunds to repay debts, including those to the I.R.S. itself. But this waiver may not apply to people who are behind on child support.”
The rules are different for those who are filing for unemployment. According to NBC News, “Once you’re on unemployment insurance in your state, you will be eligible for an extra $600 per week in emergency federal compensation through July 31, 2020. That’s in addition to what you’ll receive in state benefits.” From what I understand, as long as you are unemployed due to the Coronavirus you will be eligible to receive the weekly $600.
While researching the bill, I didn’t think the amount they are giving people isn’t enough. A one time payment of $1,200 or $2,400 doesn’t help every household the same. Every household has its own idea of what necessities are and they live different lifestyles. It’s helpful in some cases, but the amounts aren’t inclusive.
On March 27, CNN reported that Trump signed the bill valued at $2 trillion. People need money during this time and even if it isn’t the amount you usually earn, it’s still helpful to have assistance from our government. Our government has finally made a decision. I think the bill will be more beneficial than harmful so kudos to the current Administration for getting this one right.
I find it interesting that the United States somehow has $2 trillion to distribute throughout the country considering it’s always in debt. It would be nice to know how they accumulated these funds and what was sacrificed. Money’s just paper but simply printing money only causes hyperinflation.
Our country accumulated $2 trillion to disperse to the big airport companies and the everyday worker. Now, they can figure out where to get the next $2 trillion when they realize the American people need more than one payment.