Breaking News
More () »

Coronavirus stimulus package: What's in it for you?

It took five days of negotiations, but Congress reached a deal on a $2 trillion package to help Americans and businesses.
Credit: Tegna

AUSTIN, Texas — A political tug of war over a $2 trillion economic relief bill seemingly came to an end overnight with Senate leaders announcing Wednesday that they've reached a deal.

"The Senate will act to help the people of this country weather this storm," said U.S. Sen. Mitch McConnell (R-Kentucky), the Senate Majority Leader.

So, what's in this package for you, the average American?

As of Wednesday afternoon, the details were still being ironed out, but lawmakers have been talking about some key takeaways. 

Using 2018 tax returns, individuals who earn $75,000 or less will get a direct payment of $1,200. Married couples who make $150,000 or less will get $2,400. And parents get an additional $500 per child for kids 17 years old or younger. 


$2 trillion virus rescue bill hits late snags in Senate

$2 trillion coronavirus deal: Who will get stimulus checks and when?

President Trump approves Gov. Abbott's COVID-19 disaster declaration, federal assistance request for Texas

The payment amount decreases as the income rises. Individuals who earn $99,000 won't get anything and neither will couples who make $198,000 together and have no children.

It's unclear how long it will take the IRS to get the payments out, but the White House indicated people could see those payments as soon as April 6.

The bill also includes some good news for workers.

"This proposal, unemployment insurance on steroids, will be the greatest expansion of unemployment benefits in decades," said Sen. Chuck Schumer (D-New York), the Senate Minority Leader. "A social safety net wide enough to catch the millions of American workers who became unemployed virtually overnight."

On Wednesday, Schumer told the co-hosts of ABC's "The View" that unemployed workers will be able to get a full salary for four months and those workers will be furloughed so they can go back to work for their same companies once this pandemic ends.

The State of Texas also received positive news from Capitol Hill on Wednesday. President Donald Trump approved Gov. Greg Abbott's request for a Major Disaster Declaration, opening the door for more funding to combat coronavirus.

WATCH: Gov. Abbott says no statewide 'stay home' order for now


Paid Advertisement

Before You Leave, Check This Out