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'It's different': LI residents question if stimulus plan is enough for high cost of living

Long Island residents are wondering if the largest economic relief bill in American history will be enough for them due to their higher cost of living.

News 12 Staff

Mar 28, 2020, 12:57 PM

Updated 1,572 days ago

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Long Island residents are wondering if the largest economic relief bill in American history will be enough to help them through the coronavirus outbreak due to their higher cost of living.
The $2.2 trillion federal aid package seeks to help individuals, families and businesses.
Under the stimulus plan, single individuals making up to $75,000 per year will receive a single payout of $1,200. Couples making up to $150,000 will get $2,400.
The payout amount decreases after reaching those thresholds and it goes away for anyone making $99,000 or more a year and $198,000 for couples. Most parents will get $500 per child.
The measure also suspends student loan payments, adds protections against foreclosures, helps airline and travel industries, provides loans for small businesses and boosts unemployment insurance by $600 per week..
People on disability and senior citizens receiving Social Security will also qualify for the benefit, and one resident says the additional income will give him some much needed comfort during this uncertain time.
While some residents think Congress did well, others don't think states like New York were given enough money based on their cost of living.
"It's different," says Chris Fardellone, of Levittown. "$1,200 to them is like being in a candy store. $1,200 for me is a car payment."
The amount of money people receive is based off of their 2019 tax returns. It will be based off of 2018 returns for those who haven't filed yet.
Treasury Secretary Steve Mnuchin says Americans should receive funds in three weeks through direct deposit or by check.
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