Coronavirus Bill signed into law
Well after threatening to not sign the coronavirus relief bill into law at the 11th hour President Trump did in fact sign the bill into law.
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- $600 stimulus checks to workers who earn $75,000 or less, or $150,000 as a married couple these figures are based on your 2019 tax return.
- Also an additional $600 per qualifying child if you meet the income requirements above
- The payments decrease for income over $150,000 for married couples, if as a couple you earned $174,000 in 2019 and above you will receive zero dollars for stimulus payments
- Does not require a repayment on your tax return when you file for 2020 taxes
- Extension of unemployment benefits
- Addition of $300 “extra” payment for unemployment, down from the prior $600 per week pandemic payment to assist in having citizens stay at home in safety.
President Trump signed after he got some agreement from Congress to vote on a $2,000 per person stimulus payment after arguing that $600 was to low. This vote could happen as early as today 12/28/2020, however the Senate is not expected to vote for to pass this additional payment, which means more likely than not this will never make it to the president to sign into law. So DO NOT plan for an additional $1,400.
We’ll be updating this article as we get more information on the over 5,000 pages that has become law.