Despite what you may have read, there’s not a $2,000 a month stimulus check.
Here’s what you need to know.
$2,000 A Month Stimulus Checks?
The CARES Act – which is the $2 trillion stimulus package to help Americans in the wake of the COVID-19 pandemic – is a one-time check for as much as $1,200 per person, $2,400 for married/joint tax filers and $500 for each qualifying dependent. However, there has been some confusion about a congressional proposal for another stimulus plan that potentially would give you $2,000 a month (or more) for at least six months. Importantly, this is only a proposal, not law.
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The Emergency Money for the People Act would work like this:
- $2,000 Payments: Eligible Americans would receive $2,000 in cash per month guaranteed for at least six months.
- Monthly Payments: These monthly cash payments would continue until the employment to population ratio is greater than 60%.
- Not Income: The monthly cash payments would not count as income.
- No Impact To Benefits: The monthly cash payments would not adversely impact anyone’s ability to qualify for an income-based federal or state assistance program.
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- Income And Age Requirements: Every American adult age 16 and older earning less than $130,000 adjusted gross income annually would receive $2,000 a month. This includes if you had no earnings or are unemployed.
- Married Couples: Married couples earning less than $260,000 would receive at least $4,000 per month;
- Dependents: Qualifying families with children will receive an additional $500 per child, with funds capped at a maximum of three children.
Foundingfrog
Article URL : https://www.forbes.com/sites/zackfriedman/2020/04/21/stimulus-check-2000-month/#ad2f928fd66e