Americans could be getting checks in the amount of $1,000 or more in the coming weeks to try to prevent a worse recession and protect people from going bankrupt.
On Monday when Sen. Mitt Romney called for every American adult to receive a $1,000 check “immediately” to help tide people over until other government aid can arrive. By Tuesday, there was bipartisan support for the idea, including from President Trump. The White House even suggested the amount could be over $1,000, an acknowledgment of how big the economic crisis is becoming. “We’re looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin said, adding that Trump wants checks to go out “in the next two weeks.”
But not EVERYONE will be getting a check:
- Mnuchin said Tuesday that millionaires would not be getting the checks and a Democratic proposal from Rep. Tim Ryan and Ro Khanna would give at least $1,000 to everyone making less than $65,000. They say that about 75% percent of Americans would qualify.
- A different Democratic plan from Sens. Michael F. Bennet of Colorado, Cory Booker of New Jersey and Sherrod Brown of Ohio would go even further. It provides $2,000 for every American adult and child plus a $1,500 check in the summer and a $1,000 check in the fall, if the public health emergency continues. The highest income earners would not get checks under this Democratic plan.
- A separate proposal by Sen. Josh Hawley would give families with children about $1,500 more for every month the national emergency continues. The payments would be sent to single parents earning up to $50,000 and married parents earning up to $100,000.
BOTTOM LINE: Most americans will be receiving a check as long as their earning 🙏🏾 But if you make over $65,000-$75,000 as an individual or over $100,000 as family it's not looking too good for you. Start saving your coins!
The United States has done this twice before: during the Great Recession, the federal government sent about every adult a $300 to $600 check (plus $300 per child). The same thing happened in 2001, when the majority of Americans received a $300 check.
Photo: Getty