Personal Finance
Federal Stimulus Package: How Much RI Residents Are Getting
Most Rhode Island residents can expect a direct payment, while unemployment is beefed up and extended. Here's what it could mean for you.
Shortly before Wednesday night became Thursday morning, the U.S. Senate unanimously passed a historic $2 trillion aid package behind trumpets of bipartisanship. You can read the 880-page bill here.
The bill now goes to the House, which is expected to vote Friday, before heading to President Trump's desk. Trump has promised to immediately sign it.
Lawmakers are desperate to get cash in the hands of Americans and prop up devastated businesses to offset the economic chokehold the coronavirus crisis has the country in.
Find out what's happening in Newportfor free with the latest updates from Patch.
Here's how the package might affect you:
How much money are Americans getting?
Find out what's happening in Newportfor free with the latest updates from Patch.
Most workers who earned up to $75,000 will get $1,200, plus $500 per child, and joint filers who made up to $150,000 will get $2,400, plus $500 per child. Payments will be gradually less for workers who made more than $75,000 ($150,000 for joint filers) and stop altogether at $99,000 ($198,000 for joint filers.) The information will be taken from your 2019 or, if unavailable, 2018 tax returns.You can find out how much you may be getting here.
When can Americans expect to see the money?
The White House has made it clear it wants the money to go out as soon as possible. Officials are eyeing April 6, and Treasury Secretary Steve Mnuchin said Wednesday many people would have their money within three weeks of Trump signing the bill into law. April 6 is less than two weeks away.
How are payments being dispersed?
The Internal Revenue Service will use your 2019, of if unavailable, 2018 return to get your direct deposit information. If that is unavailable, they will send a check to the mailing address on the return they are using.
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