First, the bill has not been passed yet. The Senate passed their version yesterday. The House will review it today and tomorrow with a vote expected tomorrow. The House is not in session, but will do the vote from wherever the Representatives are tomorrow. Probably a phone or video session. Most likely a Yea/Nay vote unless the vote is somewhat close. In this case, a voice roll call vote would be held. It’s expected they will approve it, but we are talking Washington so I am not holding my breath.
Looks to be a one time payment of $1,200 for an individual, $2,400 for a couple. Qualifying children under 16 or 17 (age varies depending on source) are $500 each. It phases out beginning at $75,000 for an individual with total phase out at $99,000. Couples have higher phase out levels.
I am not going to cover unemployment, business loans, etc. for the most part. There are restrictions for the President, members of Congress, spouses, and in-laws when it comes to business loans. I was happy to see Congress include its members as they often exclude themselves and close family members in cases like this.
Next, the media rush to get the story out fast and be the first leads to giving a lot of false information and speculation. Unless and until it passes, I would wait. Also, ignore early reports as many editors and reporters are going to shove a story out the door without fully reading the law.
I belong to numerous social media groups, including several groups about disability. Some of the members receive SSI, a needs-based system for the disabled who don’t qualify for SSDI or make less than the SSI threshold if they qualify for SSDI and seniors who fall below the income and asset threshold.
Most media outlets are saying SSI recipients will receive the full amount. However, one outlet, Fortune.com article , points out that isn’t what the current bill says. About 60% down the page on my phone, SSI recipients are not immediately eligible for a rebate. The wording is vague so they may still qualify.
I am disturbed by the large amount of unnecessary spending added by both parties. I am not surprised as both parties do this on a regular basis.
A word of caution: as much as the President and both parties want the money in our hands now, past stimulus package deals could take a month to 6 weeks for those who direct deposit and up to four months if you don’t direct deposit. If you have not filed your 2019 taxes, do it now when possible. I filed mine last week.
I didn’t file last year because my refund was small enough and the government overpaid my pension years ago. They did not believe me when I pointed it out. End result, they later realized I was right and have been garnishing me since. This year’s refund is small, but I expect it will be taken. Will I get the $1,200 rebate? It’s not supposed to be garnished, but I learned that doesn’t mean anything. I am not counting on it showing up. If it does show up, I will count it a blessing from the Lord.