Newsbrief: Congress approves phase three of economic relief plan

Each square shows $100. (Photo: Richard Rubin)

by Lily Collins

Congress has approved an economic relief plan in response to the coronavirus that aims to include a one-time direct payment to the majority of households, according to The Wall Street Journal.  

Each adult in the United States, as long as they have a Social Security number and are not filed as a dependent on someone else’s taxes, will receive a one-time payment of $1,200. For any child under 17 in the same household, an additional $500 will be included.

If a person does not have a social security number, they will not receive a stimulus check. If someone is above 17 but is still filed as a dependent on their parent’s taxes, such as a college student, they will also not receive a payment.

If a household was made up of a married couple and two children, their income would be $3,400: $1,000 for the two children collectively, and $2,400 for the two parents. Refer to the image for a visual representation.

The Treasury Secretary, Steven Mnuchin, said that the IRS will be issuing payments within three weeks. People who have already filed their 2019 tax returns with direct deposit will see their payment earlier than those who don’t use direct deposit. Regardless, the IRS has not released a schedule on when payments should be sent out.

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Lily Collins is passing her quarentine time by doing homework, playing with her dog and reading conspiracy theories.