The Senate has agreed on a $2 trillion bipartisan economic stimulus package.

Senate set to vote on two trillion dollar coronavirus aid package

(Today Show) By Callie Patteson

With many cities and states under shelter-in-place orders, nonessential businesses have closed to enforce social distancing. But many Americans have been hurt by the effects of COVID-19, the disease caused by the new coronavirus.

To combat the crisis, the U.S. Senate has agreed on a $2 trillion bipartisan spending bill. While the details of the agreed-upon package haven’t been published, lawmakers indicated Tuesday that it will include the initial GOP proposal for direct cash payments to Americans.What is a stimulus check?

A stimulus check is a direct payment to individuals — in amounts that vary based on age and income — from the government in order to help stimulate the economy in times of crisis. In this case, the check will be a one-time payment, however, President Donald Trump and Treasury Secretary Steven Mnuchin have recently pushed for two payments.

All adults who fall into certain income- and tax-based categories are eligible for a stimulus check. Any individuals or couples who have children will also receive a check for each child.

How much will the checks be?

According to the original proposal, individuals who make up to $75,000 annually are eligible for a one-time $1,200 check.

The amount paid will decrease with higher incomes. The sum of the payment falls by $5 for every $100 earned over $75,000. Anyone who earns more than $99,000 annually will not receive a check.

Married couples who file joint taxes must earn less than $150,000 annually to be eligible for a $2,400 check.

Payment declines gradually for married couples who earn more than $150,000 and phases out for couples who earn more than $198,000.

Taxpayers who have little or no income tax liability but have at least $2,500 in qualifying income will receive a $600 check or $1,200 for married couples.

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