Things you need to know about $1200 Stimulus Check
An economic relief package by Senate Republicans in response to the corona virus pandemic that would send a stimulus check of up to $1200 to taxpayers. It is for those who earn less than $99,000 annually. Also, including loans for small businesses and large tax cuts for big corporations. A tight deadline was issued to the Senators to introduce the measure before what is likely to become an extended Senate recess. All US citizens stay close to home and keep their distance in efforts to slow the spread of the disease.
Senator Mitch McConnell, Republican of Kentucky, planned to open negotiations with Senate Democrats and White House officials. In a bid to vote on it within days, the House, which is currently in recess, would also need to send it to President Trump. The congress was rethinking their plans after two lawmakers tested positive for the virus and others decided to self-quarantine.
$1200 to Taxpayers
Individual taxpayers who made less than $75,000 would receive a check for between $600 and $1,200. The highest earners get the maximum payment. Married taxpayers who made less than $150,000 combined would receive between $1,200 and $2,400. An extra $500 for each child would also be provided.
$200 Billion to Airlines and other Industries
Critical industries hit hard by the pandemic would get $208 billion in loans, including $58 billion for the airline sector. Accountability in how the funds were used, including prohibiting raises for executives for two years was required.
People who had at least $2,500 in qualifying income would receive $600 as long as they earned too little to owe income tax. The checks would phase out in two installments for people earning $99,000 or more. The Trump administration wanted to send $2,000 to every American in two installments: one in April and one in May.
Limited Paid Leave
The Senate Republican plan curtails how much small businesses would have to pay employees who were forced to stay home because of the virus. In the $1200 stimulus check the Senate plan would cap the amount an employer has to pay at $200 a day. The Democrats condemned the measure swiftly from those who have argued for substantial immediate relief for people. Especially those who have had to miss work to follow public health guidelines intended to stop the spread of COVID-19.
Deadlines for Tax returns would be extended
Taxpayers would have until July 15 to file their income tax returns and until October 15 to pay their taxes. And those who withdrew up to $100,000 from retirement accounts to help with coronavirus-related issues would not incur the typical penalties for early disbursements. The proposal would also allow the secretary of education to defer student loan payments.
Loans for small businesses, Tax cuts for Big Corporations
Small businesses would get bridge loans of up to $10 million each to provide immediate help for paying employees. This includes rents and mortgages amid the economic downturn caused by the coronavirus. Overriding measures in the 2017 Tax Cuts and Jobs Act, large corporations would get temporary tax cuts, an element that Democrats were quick to criticize.
