Government Stimulus Package 2020 Eligibility

1 200 per adult or 2 400 for a married couple plus 500 per dependent.

Government stimulus package 2020 eligibility. For over 12 million low and modest income families who may require additional help with their finances the government is proposing to provide a one time special payment by early may 2020 through the goods and services tax credit gstc. Congress has given itself little choice but to immediately get to work on the next economic stimulus package as soon as president elect biden takes office first published on december 9 2020. Congress will spend about 250bn for checks up to 1 200 per person that will go directly to taxpayers.

Go here for more information on the second round of 600 stimulus checks. To be eligible for the full amount a person s most recently filed tax return must show that. This will double the maximum annual gstc payment amounts for the 2019 20 benefit year.

The package sends direct stimulus payments of 600 to individuals half the amount provided in the first round of checks which went out in the spring. The 900 billion stimulus package directs 600 to each child in a family as long as they are considered qualifying children under the irs tax code for the child tax credit. Eligible pensioners seniors carers and concession card holders have received two separate 750 economic support payments.

6 7 billion to boost cash flow for employers by up to 25 000 with a minimum payment of 2 000 for eligible small and medium sized businesses. The payment will be tax free. The government is temporarily allowing individuals affected by the coronavirus to access some of their superannuation extending access to 31 december 2020.

The payment will provide cash flow support to businesses with a turnover of less than 50 million that employ staff between 1 january 2020 and 30 june 2020. All americans with an adjusted gross income below 75 000 or 150 000 for a married couple would receive the full amount.