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Originally Published: Mar 25, 2020
Originally Published: Mar 25, 2020 Last Updated: Mar 26, 2020 13 min read
WASHINGTON, DC - MARCH 24:  Treasury Secretary Steven Mnuchin (2L), White House Director of Legislative Affairs Eric Ueland (3L) and White House Chief of Staff Mark Meadows (4L) arrive at the U.S. Capitol.
WASHINGTON, DC - MARCH 24: Treasury Secretary Steven Mnuchin (2L), White House Director of Legislative Affairs Eric Ueland (3L) and White House Chief of Staff Mark Meadows (4L) arrive at the U.S. Capitol.
Chip Somodevilla / Getty Images

Senators have passed a roughly $2 trillion emergency aid bill to try to prop up the economy as the coronavirus continues its deadly march through the U.S.

Congress is aiming to send the bill to President Donald Trump by the end of the week so he can sign it into law. The bill includes cash payments for millions of Americans, billions of dollars for small business loans, expanded unemployment benefits, and suspended student debt collection.

The agreement comes after six days of long negotiations between lawmakers, in which Democrats accused Republicans of prioritizing corporate bailouts at the expense of workers and average citizens, while Republicans said Democrats delayed the process by introducing several unrelated provisions.

The end product is the largest stimulus package in history, and it touches several parts of Americans' financial lives. U.S. Secretary of Treasury Steven Mnuchin said in interviews over the weekend it would help stabilize the economy over the next three to four months.

Here’s what you need to know about how the bill affects your personal finances.

Direct Deposits to Millions of Households

The package includes direct payments of up to $1,200 for each adult ($2,400 for married couples filing jointly) and an additional $500 for each child under 17. That money should reach roughly 140 million households and could cost about $300 billion, according to an estimate from the right-leaning Tax Foundation. The Foundation estimates that the average payment will be about $1,500.

Here’s how it works: Workers with adjusted gross incomes of $75,000 or less will get the full amount. For single parents, that increases to $112,500 and for married couples filing jointly, it's $150,000.

After that, the payment decreases by $5 for every $100 above those amounts. So a tax filer with no children and an adjusted gross income of $85,000 would receive a $700 check. A married couple with average salaries, about $62,000 each, and two kids could expect $3,400. Payments stop completely at $99,000 for single filers and $198,000 for joint taxpayers. (There's a higher stop out for those with children. See a full breakdown of who will get a check.)