Federal assistance for victims of quarantine: amounts, terms and conditions
In the Senate, one of the stumbling blocks about a package of measures to support the population in connection with the 2019-nCoV coronavirus is the direct payment of money to Americans and their families by the federal government, reports Fox News.
Hundreds of pages of the bill contain details as to who exactly can expect to receive the money and how long it will take.
Who has the right
The bill clarifies that everyone has the right to receive support, except for foreigners (non-residents) and those who can be used to further transfer money to third parties.
On the subject: Trump asked Americans to go to work to save the economy
“Older people, veterans, the unemployed, and low-income Americans will also be eligible,” Senate Finance Committee Chairman Chuck Grassley said Wednesday, March 25.
The text of the bill says: in order to receive money, people who are not required to file tax returns for 2018 or 2019 due to social benefits can provide information from SSA-1099 Form (Application for Social Security Benefit) or RRB Form -1099.
Those who file their tax returns as individuals are eligible to receive up to $ 1200 from the state. But this amount is becoming less for people whose income is more than $ 75 thousand per year. The bill says that payment is reduced by 5% for every dollar that exceeds this mark, or $ 50 for every $ 1000 in excess of $ 75 thousand.
Ultimately, this means that for people earning more than $ 75 thousand, the amount of compensation is the lower, the higher their earnings. And for those who earn $ 99 thousand or more, it decreases to zero.
People filing a declaration together
Couples filing a joint tax return are entitled to compensation of up to $ 2400 plus an additional $ 500 per child. However, this amount is reduced for couples whose income is more than $ 150 thousand per year. The amount of compensation is reduced by 5% from each dollar above this mark.
This means that the more people earn, the less money they will receive. This amount is reduced to zero for filing a declaration together, if they earn $ 198 thousand or more and have no children.
People applying as heads of household
Those who file the declaration as heads of households are entitled to payments of up to $ 1200, and this amount is increased by $ 500 for each child. But it will be less for people whose income is more than $ 112 thousand per year, although the degree of reduction in payments, of course, depends on how many children they have.
Income will be recorded on people’s tax returns for 2019, but if they haven’t filed a tax return for that year, the tax return for 2018 will be considered.
When and how will people get the money
Payments, according to the bill, will be made "as soon as possible" and no later than December 31, 2020. They will be carried out by direct transfer of money to the account that the person indicated for tax refunds or federal payments in declarations for 2018 or 2019.
The notification will be sent to the last known address of the person within 15 days from the date of transfer of money. It will contain information about the method and amount of payment, as well as a phone number by which you can call if you suddenly did not receive the money.
As reported by ForumDaily:
- Senate approved unprecedented economic crisis relief package $ 2,2 trillion, which will go to businesses, workers and healthcare systems affected by the coronavirus pandemic.
- The bill was unanimously supported, despite the fears of both sides that the proposed measures are too large or, conversely, not large enough.
- Voting was preceded by several days of negotiations amid a nationwide crisis that Washington had not previously encountered.
- The 880-page document was the largest economic aid bill in US history.
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