Donald Trump, the president of the United States has today 28th March 2020, signed the Coronavirus Aid, Relief & Economic Security Act – which he described as the “single biggest economic relief package in American History” – into law.
“I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses”. President Trump.
The bill is aimed at making direct payments to Americans who qualify to receive the national stimulus package, help small businesses to stay afloat, combat unemployment and support ailing industries and the healthcare system as they all take a whipping from the Coronavirus pandemic.
How will this Money be shared?
“This legislation provides tax-free payments — treated as a refundable tax credit,” –The White House.
Specifically, the money is expected to be distributed to qualifying US citizens based on the following considerations:
- All American citizens earning less than $99,000 will take a share of the total $300 billion in direct cash payments.
- Individuals with an adjusted gross income (AGI) of less than $75,000 will receive the full amount of $1,200. People with a higher AGI will receive lesser amounts.
- Family heads with an AGI less than $112,500 will receive the full amount of $1,200.
- Married couples with an AGI less than $150,000 will receive the combined full amount of $2,400
- Families with children of 16 years old or younger will receive an additional $500 per child.
- Individuals, family heads with one child and couples without children with an AGI exceeding $99,000; $146,500; and $198,000 respectively are excluded from receiving the stimulus package.
More so, freelancers and workers in the gig economy are expected to benefit from this relief package, and small businesses will benefit in the form of loans and tax breaks to cushion the effect of covid-19.
When Will the Money Arrive?
According to the Treasury Secretary –Steven Mnuchin, Americans should expect to receive direct payments within three weeks if they have a direct deposit set up with the Internal Revenue Service (IRS), otherwise, the government will mail them a check.
All tax filers who qualify will receive their money directly and automatically via the IRS.
To ensure an easy implementation, the IRS has extended the tax filing deadline this year from April 15 to July 15.
What is your take on this unfolding development? Will it affect the price of Bitcoin? Will Americans buy bitcoin with their stimulus package? Let’s hear your opinion in the comments section below.
