ST. PAUL — It’s only a matter of time before an unprecedented $2.2 trillion stimulus package aimed to provide financial aid for those impacted by the coronavirus pandemic goes into effect.
In a unanimous vote, the Senate has already passed the bill, and the House is expected to follow suit by the end of the week. Then it will be on President Donald Trump to sign the bill.
More than 3.3 million people applied for unemployment last week, according to the United States Department of Labor, underscoring the massive need for financial aid.
What does the $2.2 trillion stimulus package mean for Minnesotans? Here’s what we know so far:
How much money will I get?
Most single adults will receive $1,200, while married couples will receive $2,400, and parents will receive $500 per child (age 16 or under) on top of their total.
That number will gradually decrease for any single adult making $75,000 or more, and any married couples making $150,000 or more. Any single adult making $99,000 or more, or any married couples making $198,000 or more, will not receive a check.
The government will rely on filed 2019 tax returns to determine eligibility. Those who haven’t filed yet will be eligible based on 2018 tax returns.
Will this be a recurring thing?
No. It is a one-time payment.
When will I get the check?
Some officials hope to begin issuing checks as soon as April, though it’s not clear if that is realistic. Some experts say a more likely timeline is sometime in May. Those who have set up direct deposit with the IRS should expect to see the stimulus hit sooner than those waiting for paper checks.
Do I qualify if I'm receiving Social Security?
What if I'm currently unemployed?
Is there additional money for unemployment?
Yes. The stimulus package will increase unemployment benefits as a whole, offering an extra $600 per week for up to four months, on top of state benefits. It also expands coverage to include self-employed people and part-time workers.
Does this help small business?
Yes. The stimulus package features a $350 billion forgivable loan program designed to help small businesses keep making payroll while workers are forced to stay home. These loans will be is available to small businesses with 500 or fewer employees that pledge not to lay off their workers, and can be partially forgiven if the companies meet certain requirements.
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