June 22, 2024

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How Much NJ Residents Can Expect

This article originally appeared on the Long Valley Patch

NEW JERSEY — As the impacts of the coronavirus outbreak make themselves felt across Pennsylvania’s economy, there’s some help on the way for residents in the form of a historic stimulus package passed by the federal government.

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After weeks of negotiations and compromise, the $2 trillion aid package was passed through the U.S. Senate unanimously Wednesday night. It now goes to the House for a vote Friday before heading to President Trump’s desk. Trump has promised to immediately sign it.

The vote comes as stay at home orders were put in place across New Jersey, and enforcement began on the closures of all non-life-essential businesses, as officials scramble to contain the virus.

Here’s what New Jersey needs to know about the new legislation:

How much money are Americans getting?

Most workers who earned up to $75,000 will get $1,200, plus $500 per child, and joint filers who made up to $150,000 will get $2,400, plus $500 per child. Payments will be gradually less for workers who made more than $75,000 ($150,000 for joint filers) and stop altogether at $99,000 ($198,000 for joint filers.) The information will be taken from your 2019 or, if unavailable, 2018 tax returns.
You can find out how much you may be getting by using this calculator.

When can Americans expect to see the money?

The White House has made it clear it wants the money to go out as soon as possible. Officials are eyeing April 6, and Treasury Secretary Steve Mnuchin said Wednesday many people would have their money within three weeks of Trump signing the bill into law. April 6 is less than two weeks away.

How are payments being dispersed?

The Internal Revenue Service will use your 2019, of if unavailable, 2018 return to get your direct deposit information. If that is unavailable, they will send a check to the mailing address on the return they are using.

What about unemployment?

There will be 13 weeks of unemployment payments added to whatever each state offers, as well as $600 a week for four months on top of whatever each state pays.

Small Business Help For Those That Keep Employees

The package also implements a $350 billion program for small businesses to make payroll while workers are forced to stay home. Federally guaranteed loans will be available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and they would be forgiven if the employer continued to pay workers for the duration of the crisis, the Times reported.

Help For Hospitals

The package would support U.S. health care by providing $130 billion to hospitals expecting an influx of sick patients, according to the Times.

Corporations And Government Shares

The package provides $500 billion in loans and loan guarantees to corporations, states and cities to try to ease the virus’s economic impact. Of that amount, $425 billion is supposed to go to businesses, cities and states, The Wall Street Journal reported, and an additional $50 billion would go to passenger airlines. A bailout of that size could delay a hard choice for U.S. airline officials — who, without any government support, could be forced to temporarily halt U.S. commercial air travel and furlough close to 100,000 employees in an effort to save cash.

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