UPDATE: Here are some more details you need to know about the Coronavirus bill:
If you made less than $75,000 in 2019, you will be eligible for the full payment of $1,200. Couples who filed jointly and made less than $150,000 will get $2,400. An individual who filed as "head of household" and earned $112,500 or less gets $1,200.
For every child in the household, you will receive an additional $500.
If you made more than $75,000, your payment will be reduced by $5 for every $100 of income that exceeds the limits. So if you made $80,000 in 2019, you will receive $950. The payment decreases to zero for an individual making $99,000 or more or a couple making $198,000 or more.
If you're a family of four, you’ll be eligible for a maximum of $3,400.
Treasury Secretary Steven Mnuchin said Wednesday the checks will be sent out "within three weeks" to people for whom the IRS has information. You don't need to sign up or fill out a form to receive a payment if you've been working and paying taxes since 2018.
The Treasury Department will also run a "public awareness campaign" with information about the program, including for people who didn’t file a tax return for 2018 or 2019.
If you've gotten a tax refund in the last two years by direct deposit, that's where the money will be sent. If not, the IRS can mail a check to your "last known address," and it has 15 days to notify you of the method and amount of the payment. They'll send a phone number and appropriate point of contact so you can tell them if you didn't receive it.
If you’ve moved recently, it may be a good idea to notify the IRS as soon as possible.
Have you filed your taxes for 2019 already? If so, the checks will automatically be based on your 2019 return. Look for your "adjusted gross income" (Line 7 on your Form 1040 tax return in 2018, or line 8B on a 2019 return.) If you haven't filed your 2019 taxes yet, it'll be based on your 2018 return.
Lawmakers and the Trump administration reached an agreement on an estimated $2 trillion stimulus package aimed at shielding the U.S. economy from the worst consequences of the coronavirus pandemic.
The legislation, which congressional officials were set to continue to write throughout the early morning Wednesday, will provide direct financial checks to many Americans, drastically expand unemployment insurance, offer hundreds in billions in loans to both small and large businesses, and provide health care providers with additional resources as the virus spreads.
“This is a wartime level of investment into our nation,” said Senate Majority Leader Mitch McConnell (R., Ky.) in the early hours of Wednesday after the two sides had reached a deal. “The men and women of the greatest country on Earth are going to defeat this coronavirus and reclaim our future. And the Senate is going to make sure they have the ammunition they need to do it.”
While the final terms of the bill remained under wraps early Wednesday, lawmakers had been eyeing sending one-time checks worth $1,200 to many Americans, with $500 available to children, with the assistance capped above certain income levels.
Those payments would be in addition to a broad expansion in unemployment benefits, which would be extended to nontraditional employees, including gig workers and freelancers, according to a Democratic aide familiar with the negotiations. The agreement is also set to increase current unemployment assistance by $600 a week for four months.
The Senate is also poised to approve $350 billion in loans to small businesses in an effort to keep Americans on payrolls as economic activity across the country comes to a standstil
Here's more, from Fox News:
White House and Senate leaders reached a historic deal shortly after midnight Wednesday on a massive $2 trillion coronavirus relief package for workers and businesses, and House Speaker Nancy Pelosi offered something of a tepid endorsement of the agreement after previously pushing for her own legislation.
The bipartisan breakthrough in the Senate capped days of heated negotiations that had nearly been derailed by last-minute demands from House Democrats.
“Ladies and gentleman, we are done," White House legislative affairs director Eric Ueland announced as he left the office of Senate Majority Leader Mitch McConnell, R-Ky., near midnight. "We have a deal."
One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines, given that Democrats wanted them to abide by new carbon emissions restrictions.
A senior GOP source told Fox News contributor and Townhall.com editor Guy Benson that the move was a face-saving exercise by Schumer, and that he was trying to "take credit" for a GOP bill that he filibustered for "small ball" alterations. Democrats, the source said, couldn't drag the situation out much longer; economic conditions have worsened dramatically, and President Trump's approval rating has risen.
A senior Republican aide separately told Fox News: "Reading Chuck Schumer's list, I half expected that the next thing I read would be the Minority Leader taking credit for inventing fire. The reality is that almost every significant 'win' he's taking credit for, is actually a Senate Republican idea."
Republicans had "never objected" to more hospital funding, or that oversight of the stimulus stabilization fund "be structured almost exactly like TARP oversight," the aide went on. And Republicans were the first to push for three months of unemployment insurance and "did not oppose adding a fourth."
"Virtually all of the main policy features that Senator Schumer describes as 'unemployment insurance on steroids' were ideas that took shape during the bipartisan weekend working group phase and which were included in the Sunday bill that Democrats blocked twice," the aide said. "The only truly material change on unemployment during the Democrats‘ obstruction was the change from three months to four, something that could’ve easily been plussed up during the 30 hours of post-cloture time."