As millions of Americans receive their $1,200 stimulus check today, a new proposal would give you $2,000 a month during the coronavirus pandemic. Here’s what you need to know:
As with the $1,200 stimulus check , not every American would be eligible. Here’s who would get a monthly cash payment under this proposed legislation:
Every American adult age 16 and older making less than $130,000 annually would receive $2,000 a month;Qualifying families with children will receive an additional $500 per child, with funds capped at a maximum of three children. For example, if you earn $100,000 of adjusted gross income per year and are a single tax filer, you would receive $2,000 a month. If you are married with no children and earn a combined $180,000 a year, you would receive $4,000 a month. If you are married with two children and earn a combined $200,000 a year, you would receive $5,000 a month.
What if you were not eligible for a stimulus check based on your 2018 or 2019 tax return, but you will be eligible in 2020? You can be eligible and would need to submit at least two consecutive months of paychecks to verify your income.No. Unlike the CARES Act, the Emergency Money for the People Act would make eligible college students and adults with disabilities who are still claimed as a dependent. The individual would receive the monthly payment and their parent or guardian would receive the dependent credit.
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