On Wednesday night, the Senate passed a massive stimulus bill meant to help Americans deal with the economic impact of the coronavirus outbreak.
Under the bill, most single adults would receive $1,200 per person, and married couples would receive $2,400, with an additional $500 for each child under 17. This is a more generous package than was previously discussed.
The Senate approved the bill in a unanimous 96-0 vote, and the House is expected to pass the bill in a Friday vote, according to NBC.
CNN reports that while the bill, in its original form, was reserved for low-income people, now, even retirees and students are eligible for the full $1,200 each.
However, the amount individuals earn will affect how much they receive. Those earning between $75,000 and $99,000 will see a gradually reduced check cut, while those earning more than $99,000 will get nothing. Couples earning a combined total of $198,000 will also get nothing from this package.
Another variable that affects how much you get paid is how many children you have. Each child you have will get your household another $500. Even high-earners are eligible to receive these funds.
About 85% of individuals earn less than $75,000, which means that about 85% of Americans qualify for this financial aid. The bill also includes hundreds of billions of dollars in loans to businesses.
Michael Zona, spokesman for the Senate Finance Committee, told the New York Post, "This is ultimately an advance of sorts for when filers do their 2020 return. Of course, 2020 hasn't happened yet, so that data does not exist."
The IRS will apply the test to 2018 tax filings or 2019 tax filings, if they've already been done.