The latest on the virus bailout, who gets it and what you’ll get


Associated Press

WASHINGTON (AP) – Washington is about to deliver massive, unprecedented legislation to speed help to individuals and businesses as the coronavirus pandemic takes a devastating toll on the U.S. economy and a health care system straining to keep up. The House is set to pass the sprawling, $2.2 trillion measure on Friday morning after an extraordinary 96-0 Senate vote late Wednesday. President Donald Trump is eager to sign it into law. The relief can hardly come soon enough. Federal Reserve Chairman Jerome Powell says the economy “may well be in recession” already and the government has reported a 3.3 million burst of weekly jobless claims, more than four times the previous record.

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CHATTANOOGA (WDEF) – So who gets bailed out and what will they get?

News 12 Now’s Bill Mitchell breaks it down for us.

Here in the tri-state area, you’ve likely been impacted financially in some way by the coronavirus pandemic. The actual bill goes into great detail about who will get relief….and here are some of the highlights.

—everyone is eligible except non-resident aliens..
—filing a tax return is not required in order to collect the money..
—those who collect social security will get a check
—Individual taxpayers are eligible for payments up to 1200 dollars..but it decreases for those whose adjusted gross income is over $75,000.
—couples who file a joint tax return are eligible for a payments up to $2400, plus an addition $500 per child.. if their adjusted income is less than $150,000.

That’s a brief look at the bill—but you’ll be hearing a lot more as people and agencies begin to sift through the details.

The government says it will start cutting checks now…but warns it may be weeks before you get yours. The legislation only states the checks must be delivered before December.

In Chattanooga Bill Mitchell News 12 Now.