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White House, Senate reach deal on $2 trillion stimulus package

JORMBO

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Mar 5, 2009
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The deal includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments.


It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
The agreement caps five days of intense negotiations that started Friday morning when Senate Majority Leader Mitch McConnell (R-Ky.) convened Republican and Democratic colleagues, with talks stretching late into the evening each of the following four days.

“At last we have a deal. ... the Senate has reached a bipartisan agreement," McConnell said during a speech on the Senate floor after 1:30 a.m. on Wednesday, pledging that the Senate would pass the package later in the day.
The deal hammered out by negotiators provides $30 billion in emergency education funding, $25 billion in emergency transit funding and creates an employee retention tax credit to incentivize businesses to keep workers on payroll during the crisis.

It will also provide $25 billion in direct financial aid to struggling airlines and $4 billion for air cargo carriers, two industries that have taken a big hit in the economic downturn.
 
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Apr 12, 2013
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Questions if anyone knows:

1. Is the $1200 just free money being thrown at me to stimulate the economy? Or am I supposed to pay it back?

2. They're not actually giving unemployed people their normal unemployment AND $600 per week are they?? If they do that won't all the low paid cashiers/fast food workers just get fired so they can collect unemployment and take a few months vacation? I mean that's what I'd do.

3. They were talking about being able to withdraw up to $25,000 from your 401K early and penalty free. Is that still in this package?
 
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Mihos

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Is the pay for furloughed employees still in this? I can't find the actual bill language.

I won't be put on leave, but allot of my colleagues may be depending on how this is taken care of.
 

Piku_Ringo

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Jan 24, 2015
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Now every American can buy a next gen console*.

*Provided they can actually ship them. And the box they come in isn't contaminated either.
I got a dedicated can of lysol to spray down my ps5 when it's shipped to me
 

duhu1148

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May 18, 2018
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So how/when do I get my money?
May according to CNN. And it sounds like it's sent automatically? Not sure.


Lawmakers struck a $2 trillion stimulus deal early Wednesday that includes sending checks directly to individuals amid the coronavirus crisis -- but it will likely take until at least May before the money goes out.

Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17.

However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.

About 90% of Americanswould be eligible to receive full or partial payments, according to estimates by the Tax Policy Center. Lawmakers set aside $250 billion for the so-called recovery rebates.

Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns.
 
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Fox Mulder

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Well the article actually bases the May timeline on previous stimulus payments, last done in 2008. It’s not an official date, just cnn speculating. So we’ll see.
 
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infinitys_7th

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They put in a clause specifically because they had some insane idea that Trump was going to steal $500B but were fine with the stimulus being released 2 months from now.

They should have just done exactly what Trump wanted. Just send out checks.
 

infinitys_7th

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Oct 1, 2006
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No prior experience with the government huh?
With the filing and payment deadlines delayed, the IRS has nothing better to do than to prep to send out checks. They should be able to quickly do it through the rebate system.
 

Zefah

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Jan 7, 2007
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Wait, no money at all to anyone who makes over $75,000? Household or individual?
 
Jan 2, 2011
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Questions if anyone knows:

1. Is the $1200 just free money being thrown at me to stimulate the economy? Or am I supposed to pay it back?

2. They're not actually giving unemployed people their normal unemployment AND $600 per week are they?? If they do that won't all the low paid cashiers/fast food workers just get fired so they can collect unemployment and take a few months vacation? I mean that's what I'd do.

3. They were talking about being able to withdraw up to $25,000 from your 401K early and penalty free. Is that still in this package?
Good questions, I hope somebody more knowledgeable chimes in. From what I've seen around online it looks like...

1. It's "free" in the sense that we won't have to pay it back in full but you can bet your ass it'll be taxed with your income next year. So if you're reporting $50k then it'll be $51,200.

2. Yes, it looks like the $600 is in addition to the usual payment. Lower paid workers just seem to get the shaft on this one because you can't qualify for unemployment if you quit or get fired (in most cases).

3. Hadn't heard this so that's news to me.

Hope somebody jumps in and corrects anything I'm wrong about.
 

infinitys_7th

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Oct 1, 2006
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Pelosi responds:


Hours after the Senate and the White House reached a bipartisan deal on a $2 trillion coronavirus economic stimulus package, House Speaker Nancy Pelosi, D-Calif., said Wednesday that the legislation would help American workers — but she did not indicate whether the House will move forward with it.
I hope Pelosi realizes that the future of the Democrat party is dependent on her at this point - the Senate has increased what was already a very generous bill and they added in the few good parts of the House bill. It is a break even-lose situation politically - if she passes it, all politicians will benefit from the appearance of bipartisanship and response celerity, and if she or any of her cronies blocks it the blame will go solely on House Democrats for wanting a bunch of insane pork during a crisis.
 

JORMBO

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Mar 5, 2009
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Keep in mind it goes off adjusted gross income. My salary is over 75k. I checked my last tax filing this year and the adjusted gross income is just under 75k, so I should qualify for the full amount.

So two waves of checks?
is that $1200 per adult per check or split over 2 checks?
Article I linked in the OP said 1 time payment. Unless something changed this morning.
 
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Fun Fanboy

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So I make less that 75K a year easily and my lady is stay at home Mom with our 3 boys. Does that mean only I get a check? Or does she too?
 

Zefah

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So I make less that 75K a year easily and my lady is stay at home Mom with our 3 boys. Does that mean only I get a check? Or does she too?
If you file jointly, it looks like the amount is doubled and the threshold for payment reduction is $150,000. Also add $500 per child, it seems. I don't think the actual text is yet available, so we can only go back reports.
 
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Fun Fanboy

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If you file jointly, it looks like the amount is doubled and the threshold for payment reduction is $150,000. Also add $500 per child, it seems. I don't think the actual text is yet available, so we can only go back reports.
Right on. We're not even married. I claim head of household and all that on taxes. Didn't see the money for the kids on this though. That's a bonus. Unless!! My work I'm at for 4 hours or so a day now instead of 10. So not sure I'll get a check anyways. Hopefully I do! But I don't know how we're doing this here. Not sure if I have to take my vacation or sick time for the hours I'm missing or what's going on.