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Breaking down what we know about the stimulus money

The stimulus package includes money for many Americans. The stimulus package includes money for many Americans. |  Photo: WDIO FILE

Updated: March 25, 2020 05:59 PM

Relief will be on its way for people who are struggling to pay bills now. The $2 trillion dollar stimulus bill provides a variety of assistance. Wisconsin Senator Tammy Baldwin's office provided more guidance.

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Direct payments to working adults will likely be $1200 per person. And there is a payment of $500 for each child. The full payment is available for individuals making up to $75,000 (individual) and $150,000 (married). 

The payments will be operated by the IRS, per Baldwin. Some very low income people who haven't filed taxes and a few other groups will have to apply for the payment, and Baldwin said they will share that information when it becomes available.

Payments are good news for many who've faced a sudden job loss or major drop of income.

"Any little bit helps," shared Mandy Stanius, a pre-school teacher in Duluth, who is now laid off. "Without my income, we still have to pay our bills. Our school ended up having to close down. So I did apply for unemployment. We are still waiting to hear back, and I'm sure they are super backed up right now."

The package will also strengthen the unemployment insurance system, expanding eligibility to cover more workers and increases the benefits by $600 per week for every American. This support is also extended for four months, instead of three, and all workers are protected whether they work for businesses small, medium or large, along with self-employed and workers in the gig economy.

Some small business loans can be forgiven if businesses can keep people on their payroll, Baldwin added.

On Facebook, people posted different reactions. Some said they will save the money if they can. Others said it will be a big help. Others don't qualify.

Copyright 2020 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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