Coronavirus stimulus package: What it means for taxpayers

Rilwan: Stimulus Checks and Your Taxes

NEW ORLEANS (WVUE) - In the US Senate, democrats and republicans reach a deal for a massive 2 trillion-dollar plan.

In it, there will be spending for big industries like airlines and hospitals, but here’s what American workers can expect.

Under the current plan, there will be a one-time direct payment to taxpayers.

“These amounts are going to be based on your tax returns. so, if you filed your 2019 tax return, that information will be used or if you have not, the 2018 tax return will be used to utilize to determine these amounts," Kem Washington with the CPA said.

Here’s the math, each adult, will get $1,200 if they earn less than $75,000. Plus, families would receive an additional $500 per child.

“However once you make more than $75,000 that amount is going to phase out," Washington said.

So, the payment dwindles down the more you make. If you make more than $99,000, don’t expect a check.

Washington says for business owners, emergency loans will be available through the SBA.

“This could be a way you could get additional capital, working capital, for your business and so this would be aid to help you with that," Washington said.

Thousands of people across Louisiana are filing unemployment claims. In the agreement, there will be additional money on top of the 250 those in Louisiana get.

“It’s going to increase your unemployment benefits by $600 for the next four months so that’s a really big deal. That’s on top of what you normally would receive from your state unemployment. So, this is really going to be something that’s going to help individuals who are searching for work at this time," Washington said.

But, the bill still needs to make it through Congress.

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