Americans will receive payments to offset financial hardship.
4 min read
The House of representatives on Friday passed the largest aid measure in American history, a $2 trillion stimulus package that President Donald Trump signed into law. Direct payments will be made to Americans to help offset financial hardships incurred during the coronavirus pandemic.
The coronavirus outbreak has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and whipsawing financial markets, erasing trillions of dollars in the process.
Kristalina Georgieva, managing director of the International Monetary Fund, said at a briefing Friday that the organization, which represents more than 189 countries, is projecting a recession for 2020.
Measures taken in the U.S. hopefully can offset part of that. Here are some of the highlights of the U.S. stimulus package.
- Up to 90% of Americans would be eligible to receive full or partial payments, according to estimates by the Tax Policy Center
- Parents receive an additional $500 per child
- How it started and how to protect yourself: Coronavirus explained
- What to do if you have symptoms: Coronavirus symptoms
- Tracking the spread in the US and Worldwide: Coronavirus map
ABC Fresno, California, affiliate ABC30 created a calculator to help show how much each individual will receive. According to the calculator, an individual whose most recent tax filing was “married filing jointly,” claimed two children under 17 as dependents and has a most recent adjusted gross annual income of $85,000 could expect to receive $3,400.
The calculator can be accessed here.
What to know about Coronavirus:
ABC News’ Catherine Thorbecke and Mariam Khan contributed to this report.
