(CNN) – President Donald Trump signed into law Friday afternoon a historic $2 trillion stimulus package as the American public and the US economy fight the devastating spread of Covid-19.
The far-reaching legislation stands as the largest emergency aid package in US history. It represents a massive financial injection into a struggling economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption.
The House of Representatives earlier in the day approved the bill that passed the Senate earlier this week, overcoming last-minute drama by using an unusual procedural move to thwart a demand by a conservative Republican to force members to vote in person.
Included in the bill are direct payments to many Americans. Individuals are eligible for up to $1,200 and couples would receive up to $2,400 — plus $500 per child.
But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything. The income thresholds are doubled for married couples.
Income would generally be based on one's 2019 or 2018 tax returns.
The money will likely be deposited directly into individuals’ bank accounts — as long as they’ve already authorized the IRS to send their tax refund that way over the past two years. If not, the IRS would send out checks in the mail.
The White House has said they hope to begin distributing cash quickly, but it may take weeks before the bulk of payments go out.