While this proposal may have initially seemed like a rumor, the aggregate of plans to disperse coronavirus relief funds to Americans has now been actualized (as of March 27). The coronavirus stimulus package – capped at approximately $2,200,000,000,000 – will provide relief to many Americans affected by the pandemic. 

This is the largest relief fund in American history and includes improved unemployment insurance to the millions of people now suffering without income due to shelter-in-place legislation and mandated closings. The hope is that this bill will mitigate the devastation that the coronavirus has caused, such as the highest unemployment rate in American history by a landslide and record-breaking declines in economic activity.  

American singles with an adjusted gross income of $75,000 or less will receive a $1,200 check. Couples will receive twice that amount, with each claimed dependent earning them $500 more. Those who have been claimed as a dependent on someone else’s tax returns will not receive a check, which may mean that a sizable group of college students will be left without assistance. 

In addition to these direct payments, unemployment benefits will extend 13 weeks longer and $600 larger per week if the bill is approved. These benefits will now be included for rideshare drivers and other freelance employees. 

Hospitals in need will receive billions of dollars in assistance for things like Medicare payments, crucial supplies, and protective equipment. Small and large companies alike will be enrolled in conditional loan programs in which their debt will be forgiven – as long as they continue to keep their workers employed. 

Even though officials are hoping that this money will be distributed in a few weeks, some say that it will take notably longer for the IRS to send the checks out once this bill is approved. Expect the check by April or May, quite possibly.