The White House and Senate leaders struck an agreement on a $2 Trillion Dollar Stimulus Package to aid workers, businesses, and the health care system from the coronavirus outbreak.
Here's What It Means For You According to KFOR:
"The package includes one-time payments of $1,200 per adult and $500 per child under the age of 17. Married couples would receive $2,400.
However, payments phase out for individuals making more than $75,000. For every $100 you earn above the limit, payment drops by $5.
Individuals making more than $99,000 and couples making more than $198,000 will not qualify for a payment.
The amounts will be determined based on 2019 tax returns. If a 2019 tax return has not been filed, 2018 returns will be used."
They hope to send out checks within three weeks according to Treasury Secretary Steven Mnuchin. The remainder would be sent out by the end of May.
Good news? These checks will not be considered taxable income when you do your taxes next year.
Photo Credit: Spencer Platt / Getty Images