Stimulus Payments Coming To NJ: Calculate How Much You'll Get

NEW JERSEY — Washington lawmakers on Monday approved a $900 billion coronavirus relief package that includes a second round of stimulus checks.

For millions of New Jersey residents, it means direct cash payments. It also means expanded and extended federal unemployment benefits, a stay on evictions and help for business and schools.

The direct $600 payments will go to adults who made less than $75,000 individually and less than $150,000 as a couple in 2019. Payments will decrease for people who made over $75,000 and won't be available for people who earned more than $99,000. Adults will also get $600 for each child they claim as a dependent.

So how much will you get? Personal finance website Grow has created a tool to allow you to calculate your individual payment.

See the stimulus payment calculator here.

Here's what it could mean for you:

• Stimulus payments for many residents would be $600, half of what was sent out in the spring. The payments will go to adults who made less than $75,000 individually and less than $150,000 as a couple in 2019. Payments will decrease for people who made over $75,000 and won't be available for people who earned more than $99,000. Adults will also get $600 for each child they claim as a dependent. It's unknown when the money will come by, but the CARES Act payments came within two months for most Americans.
• Federal unemployment benefits will provide an extra $300 a week and extend coverage to those eligible for another 11 weeks, running through at least March 14. The benefits also extend to self-employed and gig workers who are drawing from the Pandemic Unemployment Assistance program. Many federal benefits were set to expire the day after Christmas. The money is half of the $600 per week unemployed people got under the previous relief package. New Jersey has faced an unprecedented surge in unemployment throughout the pandemic.
• It's unclear exactly how much the state transit system will get. NJ Transit is expected to lose more than 60 percent of its revenue this year.
• A federal moratorium on evictions would be extended through Jan. 31. Thousands of people have been forced out of their homes despite Gov. Phil Murphy ordering a moratorium on evictions.
• There would be more than $284 billion under the Paycheck Protection Program, which has been expanded to help a wider array of businesses.
• Schools would receive $82 billion for HVAC repairs in an effort to help get children and teachers back into school safely.

What they're saying

Murphy said during a news conference on Monday that he was pleased an agreement was reached, but he believes Congress provided too little:

"I have long said that we are facing a $3 to 4 trillion moment and that history will judge us harshly if we undershoot this moment.

"Certainly, we are happy to see the House and the Senate come to an agreement, one that will offer some relief for working families and small businesses, extend the deadline for the investment of CARES Act funds into our communities and provide some funding for our vaccination efforts and our schools.

"But at $900 billion, we are undershooting and no one should fall into a false sense that the job is done. It is not.

"This is no job for half-measures and we cannot keep finding ourselves back at the beginning once each round of support drives up before the pandemic is tamed. We need to keep working.

"Our families and businesses need more. Our communities and our fellow states need direct support. So yes, count me as grateful for this agreement, but do not count me as satisfied with it."

With reporting by Mike Caraggi and Kara Seymour of Patch