Individual impacts of newest COVID relief bill

by Mike Bosma

Mike Bosma

On December 21, 2020, Congress passed the “Consolidated Appropriations Act, 2021,” the omnibus spending bill for the fiscal year that began October 1.

The bipartisan bill, which is over 5,000 pages long, is the fifth phase of legislation aimed at fighting the COVID-19 pandemic and mitigating the related economic harm for families, workers and businesses.

Among other things, it includes $600 stimulus checks for most Americans. After holding up the $900 billion coronavirus relief bill for nearly a week and urging Congress to increase the amount of stimulus checks to $2,000, President Trump on December 27 signed off on the package.

As an extension of last week’s column, I wanted to give an overview of the portions of the bill that impacts individuals:

Stimulus checks

Another round of economic impact payments will be paid, this time up to $600 per individual, plus $600 per qualifying child (age 16 and younger who are dependents) — or potentially higher amounts (such as $2,000 for single individuals or $4,000 for a couple) if Congress modifies the package in response to President Trump’s request.

Similar to the first round of checks, the benefit phases out for individuals with adjusted gross income (AGI) between $75,000 and $99,000; or $150,000 and $198,000 for married couples. Anyone alive for a day in 2020 can qualify.

Read entire article at NNBW: https://www.nnbw.com/news/covering-your-assets-individual-impacts-of-newest-covid-relief-bill-voices