WASHINGTON, DC –
Surely you’ve heard that the historic $2 Trillion COVID-19 stimulus deal passed in the house. This means that the bill will be signed by Trump and the put into effect.
The bill was passed in the senate Friday afternoon with a unanimous vote. It offers major aid to families and businesses experiencing financial strains due to coronavirus. “At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” Majority Leader Mitch McConnell said on the senate floor.
Yes, the bill puts money in American’s pockets but the details of the deal are still a bit foggy. As I take some time to educate myself on the bill, I was able to find some commentary on a few questions that I had.
How? Who? When?
We already discussed how much money Americans would receive but it’s pretty much broken down to $1,200 per person. Some additional funding is available for Americans with children. Now, there is no timetable for receiving this money. Obviously, that’s a question that most of us have been asking. As CNN points out, the verbiage of the bill suggests that the money be distributed “as rapidly as possible”.
In the past, the country has taken months to cut checks to Americans. In 2008 it took a couple of months to receive stimulus money. But, something’s different.
Per Solar Winds, 1,463,632,361 users were on the internet in 2008. Today, that number has nearly quadrupled as over 4.5 billion users log on to the internet daily, Statista reports. The internet wasn’t as connected as it is today. Added connectivity can allow Americans to get money faster today than in the past.
Speaking of the internet, the government will be using the internet to directly deposit the cash into American citizens’ accounts. That’s as along as you have been using direct deposit for your tax refunds. If you haven’t, then you can expect a check in the mail. According to the IRS website, no sign up is needed but this could change.
Wishing good health. If you qualify, we’ll keep you updated on your stimulus funding.