President passes $2 trillion economic aid package, what it means for you

10 On Your Side

PORTSMOUTH, Va. (WAVY) – Now that President Trump has passed the $2 trillion stimulus package, an estimated 165 million Americans impacted by the coronavirus epidemic will see some sort of economic boost, including hundreds of thousands of people in Hampton Roads.

Single tax filers will get $1,200 if your income on your most recent tax return was $75,000 or less. You will still get some money if your income was between $75,000 and $99,000. Single filers who made more than $99,000 will not qualify for payments.

For you and a spouse, you’ll get $2,400 if you both made a total of $150,000 or less.
There’s a sliding scale up to $198,000, and if you both made more than $198,000 collectively you’ll get nothing.

Regent University’s Andrew Root says a hard hit sector of our economy should start seeing benefits in a matter of weeks.

“I think probably the retail sector. The checks to individuals will come the quickest and (that’s where they will) have the most material effect,” said Root.

If you have children, you’ll be entitled to an additional $500 for each qualifying child, no matter how many kids you have.

Another group that stands to benefit significantly is the unemployed.

You will get an additional $600 weekly through the end of July. For many people currently on unemployment, that will more than double the weekly benefit.

“$600 a week is $30,000 a year,” Root said. “There’s plenty of jobs in Hampton Roads that are under $30,000 a year.”

That benefit lasts only until July 31, but the stimulus package also adds a month to the length of unemployment insurance.

Small business owners will have access to more than $350 billion in incentives and low-interest long term loans to maintain payrolls.

“I’ve sat down with numerous small business owners across our district and our community and I understand how challenging this is. They’ve poured their hearts and their life’s work into these businesses and they see their employees as family,” said Rep. Elaine Luria (D-Virginia Beach).

We should start seeing money in about three weeks. The IRS has yet to issue guidance on people who’ve recently had children, or recently changed their banking information. It’s also unclear what happens with people on social security. 10 On Your Side will post that information as soon as it’s available.

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