Senate Unveils Plan to Send up to $1200/Adults + $500/Children
In one of the most massive domestic spending bills we've ever seen, Senate Majority Leader Mitch McConnell has unveiled a plan to send American's money- and now.
According to Fox News, they obtained a draft of a proposed Senate stimulus package that would send a minimum of $600 to American individuals and a maximum of $1200. The measure also indicates payments would go to children of up to $500.
The plan and the amounts Americans would receive are all based on gross income. Under this draft, individuals would receive the full $1200 if they gross less than $75,000. Or, if you file as a couple, the threshold for the maximum payment would be $150,000 annual gross.
For every $100 a person (or couple) makes over the threshold, the payment they would receive would be reduced by $5 from the maximum.
To put it simply, if you're an individual that makes $75,100 annually, you would expect to see a check from the government for $1,195.00.
The legislation also has several provisions that are geared at helping small businesses, including a delay of payment for employer payroll taxes, a delay of estimated tax payments for corporations, and modifications for net operating losses, according to Fox.
The legislation also includes $208 billion in loans to to different areas of the economy that have been, and will be most effected by the COVID-19 outbreak.
The Senate does not yet have the votes to pass the measure, but leaders are confident they can begin bipartisan discussions immediately. Making things slightly more challenging are the multiple members of the senate that are currently self-quarantining.
We will keep you updated on the progress of S.3548