What $2 trillion stimulus passed by Senate last night means to you?
A $2 trillion stimulus package that would provide millions of families with cash to help with expenses, and increased unemployment benefits to people out of work, is now one step away from being signed into law.
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Mar 26, 2020, 3:18 PM
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Updated 1,583 days ago
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32ds agoA $2 trillion stimulus package that would provide millions of families with cash to help with expenses, and increased unemployment benefits to people out of work, is now one step away from being signed into law.
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The bill was unanimously approved by the US Senate late Wednesday night. The House of Representatives is expected to approve it Friday.
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Kane In Your Corner has been tracking what the stimulus means to you.
MORE: LIVE BLOG - Coronavirus updates from the tri-state area and beyond
MORE: New Jersey Coronavirus Dashboard
FULL COVERAGE: Coronavirus Pandemic
Kane In Your Corner has been tracking what the stimulus means to you.
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Under the legislation, families will get money directly from the government: $1,200 for individuals, $2,400 for couples, $500 per child, up to two. The payments start decreasing at incomes of $75,000 for individuals, $150,000 for couples. They disappear at $100,000 for individuals, $200,000 for couples.
Under the legislation, families will get money directly from the government: $1,200 for individuals, $2,400 for couples, $500 per child, up to two. The payments start decreasing at incomes of $75,000 for individuals, $150,000 for couples. They disappear at $100,000 for individuals, $200,000 for couples.
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Sen. Chuck Schumer (D - New York) says Democrats had hoped for larger checks, but says the proposal is a win.
"This is the art of compromise," Schumer says. "This is the art of coming together. America needed huge help quickly, and I think we've risen to that occasion."
The stimulus would also include help for small business owners, including low-interest loans that would be forgiven if they keep workers employed.
People out of work would get an extra month of unemployment benefits, and those benefits would be increased by up to $600 per week. That's enough for most workers to replace their full salaries. It would also cover some people who are normally excluded.
"In this bill we allow self-employed people, gig workers, who don't traditionally benefit from Unemployment Insurance to also apply if they're in effect they're out of work and they can't do what they did before," says Congressman Tom Malinowski (D - New Jersey).
"This is the art of compromise," Schumer says. "This is the art of coming together. America needed huge help quickly, and I think we've risen to that occasion."
The stimulus would also include help for small business owners, including low-interest loans that would be forgiven if they keep workers employed.
People out of work would get an extra month of unemployment benefits, and those benefits would be increased by up to $600 per week. That's enough for most workers to replace their full salaries. It would also cover some people who are normally excluded.
"In this bill we allow self-employed people, gig workers, who don't traditionally benefit from Unemployment Insurance to also apply if they're in effect they're out of work and they can't do what they did before," says Congressman Tom Malinowski (D - New Jersey).
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