James Feldkamp explains the details of the stimulus bill in response to COVID-19 and helps readers understand what it means for them.
Having worked for the government for years, James Feldkamp is able to share his professional insight on political topics with readers to increase their understanding and awareness of essential subjects. Below, he explains what the recent COVID-19 stimulus checks mean for most citizens.
“The government is stepping in to help keep our economy afloat and to provide a little financial relief to our citizens through a massive stimulus bill enacted by the president earlier last month,” says James Feldkamp.
The stimulus bill is the most tremendous in modern history totaling $2 trillion and providing support to citizens, businesses, and corporations in all 50 states. James Feldkamp tells us that many people don’t really understand where the money is going, how it will directly affect their lives, and when they can expect a check.
“Families and individuals will receive a direct payment into their bank accounts soon or else get a check in the mail totaling their portion of the stimulus,” says James Feldkamp. “Individuals and couples are allowed to receive support of up to $1,200, and families with children are eligible for an additional $500 per child.”
However, this isn’t the case for all citizens. If you earn more than $75,000 annually, you will likely receive a smaller portion of the stimulus as the total is adjusted to the amount each person makes (based on income taxes from previous years). Individuals who make over $99,000 annually won’t receive any portion of the check.
“The question on many people’s minds is when exactly they can expect their stimulus money to come in,” says James Feldkamp. “There hasn’t been a certain date set for the release of funds to citizens, but it’s anticipated that they will take at least a few more weeks. People can expect their checks or deposits to show up hopefully sometime later this month if current projections stay on track.”
In addition to this money, unemployment benefits have also been amped up during this time to provide much needed relief. People who are out of work may be entitled to receive up to an additional $600 a week. The timing for this relief is expected to mirror stimulus checks, with people hopefully receiving their funds by the end of April.
“Billions of dollars in small business loans have also been made available through the stimulus bill, which will help sustain many from going under,” says James Feldkamp. “All in all, while people may argue over the amount of the bill or the timing it takes to dish out funds, help is on its way and should be available within a few short weeks.”