What does the $2.2T stimulus package mean for you?

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A stimulus package appears to be on the way to the American people in the near future, but what will that aid mean for you?

The $2.2 trillion federal aid package passed through the Senate late Wednesday night and is expected to be voted on by the House this week.

Under the plan, unemployment insurance would be increased by $600 per week.
 
In addition, a one-time payment of $1,200 would go to each adult making up to $75,000 per year. $2,400 would be given to married couples making up to $150,000, with an additional credit of $500 per child.
 
But once those income thresholds are reached, the benefit would start to be phased out, going away completely for individuals making more than $99,000 per year and couples with incomes over $198,000.
 
The plan also sets aside $350 billion in loans for small businesses and $117 billion for hospitals and veteran health care.
 
 
The federal government will determine everyone's income based on their tax returns. If you've already filed for 2019, they'll use that information, if not, they'll go off of 2018.
 
Economist Martin Cantor says the aid package will help many families bridge the gap during the shutdown, but in the long term, it might not give the economy the boost it needs.
 
"I believe most people will spend the money on food, rent, paying their mortgage and paying loans, which will not help the economy," says Cantor. "This is just to calm down people, so they know something's coming."
 
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