How You May Benefit from Another Government Stimulus Plan - By Supal Vora, Private Wealth Advisor
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or the second time in 10 months, the US Congress has approved a fiscal stimulus plan that is designed to provide a financial boost to a wide range of Americans in response to hardships created by the COVID-19 pandemic. This includes individuals, businesses and other organizations. The legislation was part of a comprehensive package that passed both the House and Senate on December 21, 2020 and was signed into law on December 27. While the $900 billion+ package is structured somewhat similarly to a stimulus program put forward in March 2020, the level of benefits are generally reduced from that time. Nevertheless, it does offer some help for those struggling due to the economic fallout from the continuation of the pandemic. Here are five key areas of support included in the plan:
Direct payments of up
1 to $600 per person
Economic impact payments of $600 will be made for individuals earning up to $75,000 per year based on
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adjusted gross income (AGI) in 2019. Married couples with AGI of up to $150,000 will receive $1,200. In addition, a $600 payment is provided for each dependent child. Payments phase out for those with higher incomes. Single taxpayers with a 2019 AGI of $87,000+ or married couples with a 2019 AGI of $174,000+ are not eligible for any payments under this plan. If the IRS has direct deposit information for one of your bank accounts, you will receive the money that way. Others will receive a physical check in the mail.
2
Added unemployment benefits
With millions of Americans still unemployed, Congress has approved a modest expansion of benefits by up to $300 per week. This added benefit is scheduled to run until mid-March 2021. Provisions also extend the Pandemic Unemployment Assistance program that offers benefits to those in non-traditional employment such as gig workers and the self-employed.
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