What Will $1.9 Trillion COVID Relief Bill Mean for You?
CHARLOTTE, N.C. – Some much needed help is on the way for millions of Americans. The $1.9 trillion dollar relief package is heading to President Joe Biden’s desk. In a vote along party lines, the House gave final approval to the bill on Wednesday.
A $1,400 stimulus check is likely the biggest impact you’ll see. Direct payments will go to Americans making up to $75,000 a year. Couples qualify if they make up to $150,000. Dependents are also eligible for the payments.
“Use this money to reduce a bit of that financial stress that you’re having,” explains financial expert Marsha Barnes, with The Finance Bar.
Barnes says ask yourself, “What need could I solve for myself or my family?”
“Make that decision based on what the numbers are telling us, not necessarily on our emotions, but on what the facts and data are telling us about our financial situation,” she says.
If you have children, you’ll get a $3,000 or more federal tax break, depending on age, which you can take monthly or in a lump sum at tax time.
Families will get full credit regardless of how much they make in a year.
Federal unemployment benefits will also be extended at $300 a week through September. The first $10,000 in benefits earned last year will now be non-taxable.
And the bill provides a 100 percent COBRA subsidy, which means laid-off workers can remain on their former employer’s health insurance for free through September.