Stimulus package breakdown
The $2.2 trillion stimulus package that provides economic assistance to most Americans passed through Congress Friday. President Donald Trump signed it into law shortly after. Montana will receive $1.25 billion for COVID-19 relief.
COVID-19 has disrupted the world economy. Many people in the United States are without work due to business closures. The Department of Labor reported 3.28 million people filed for unemployment last week. The stimulus package response will provide financial assistance to households with a one-time check and extend unemployment benefits.
WHO WILL GET A CHECK AND HOW MUCH?
American residents with Social Security numbers who earn $75,000 or less will receive a one-time check for $1,200. The check amount gradually reduces as people’s income increases. Anyone making more than $99,000 a year will not receive a check. An additional $500 is added for every child under 16 years old. Families with two children who earn more than $218,000 will not receive a check.
DO YOU HAVE TO APPLY FOR THE PAYMENT?
No. The U.S. Treasury has peoples’ banking information from recent tax returns and will deposit the money directly into those bank accounts. The people who the U.S. Treasury does not have banking information, will receive the check in the mail.
WHEN WILL THE PAYMENT ARRIVE?
According to Treasury Secretary Steven Mnuchin, the checks should arrive in the mail or in bank accounts in three weeks. A mailed notice is supposed to follow the payment and will inform people of their amount and how it was sent out.
WHO WILL BE ELIGIBLE FOR EXTENDED UNEMPLOYMENT BENEFITS?
Unemployed people, partly unemployed people and people who cannot work because of the COVID-19 coronavirus are likely to receive benefits. This includes self-employed people, part-time workers and people who cannot go to work because they do not have childcare.
HOW MUCH WILL INDIVIDUALS RECEIVE IN UNEMPLOYMENT BENEFITS?
States determine how much people will receive. The federal government will add $600 a week to eligible workers’ unemployment benefits. Montana's unemployment benefits cover about 53% of a worker's wage. Montanans who earn the state's average wage of approximatley $44,00 each year would receive a little over $450 a week.
WHO WILL NOT BE INCLUDED THE UNEMPLOYMENT EXPANSION?
People who can work from home or are receiving paid sick leave or paid family leave are not eligible to receive unemployment payments.
HOW LONG WILL PAYMENTS BE SENT OUT?
States determine how long people will receive unemployment benefits. The federal bill extends unemployment coverage for 13 weeks. The additional $600 payment will last for up to four months, ending July 31.
WHAT ABOUT PEOPLE WHO ARE ALREADY ON UNEMPLOYMENT?
State-level unemployment benefits will still be extended 13 weeks for those already on unemployment. They are also eligible to receive the additional $600 from the federal government.
WHEN WILL PEOPLE START SEEING UNEMPLOYMENT BENEFITS?
It is unclear.