MISHAWAKA – On March 27, President Donald Trump signed a $2 trillion coronavirus relief bill. This bill is intended to aid those who are experiencing unemployment during the pandemic. It is also intended as a stimulus for the government. The bill offers $1,200 to individuals, as well as an additional $500 to parents of children under the age of 17.
Many Americans originally expected the bill to aid all workers who are experiencing unemployment to receive a check, but the official guidelines are stricter than that.
Payments are based on 2018 or 2019 taxes. Most individuals earning less than $75,000 a year can expect to receive a one-time payment of $1,200, while those who make over that amount can expect to receive $5 less for every $100 of income they receive over $75,000. Families should also receive $500 for every child under 17. For those on unemployment, the bill adds an additional $600 a month for four months, on top of the base amount workers receive from the state.
For students specifically, if they have been claimed on their parents’ taxes as a dependent, they are ineligible to receive a check. However, if a student filed his or her own taxes for one to two years prior to this tax season, they may be eligible. As far as student loans, some colleges and universities are offering extensions on student loan payments. An employer can also contribute up to a $5,250 tax-free student loan towards payments, and workers would not have to include that money as income.