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Your stimulus package breakdown

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Posted at 5:40 PM, Apr 02, 2020
and last updated 2020-04-18 15:47:58-04

BUFFALO, N.Y. (WKBW) — President Donald Trump signed a $2 trillion Economic Relief Bill. So what does that mean for you?

The Individual

Most adults living in the U.S. will receive a $1,200 stimulus check. No one needs to apply to receive these checks but you should file your most recent taxes so you're guaranteed the right amount of money.

Individuals making less than $75,000 a year will get the full $1,200 check. The amount is then adjusted for those who earn more than $75,000 a year.

Single parents or taxpayers who file as head of the household and make $112,500 or less will also get the full $1,200 stimulus check.

If you’re married, have a joint income and are making less than $150,000 a year, you will receive $2,400. And these payments will be deposited right into your account.

The Unemployed

If you’re unemployed, you too are entitled to additional benefits. To be clear, unemployed patrons include those who were laid off, people who are self-employed, and part-time workers.

The state will give you up to 26 weeks of benefits and the government is giving an additional 13. That means people who
are unemployed can receive up to 39 weeks of unemployment.

On top of that, the government is also giving the unemployed $600 a week for four months.

Small Businesses

Business owners, you are covered too.

The stimulus package includes more than $370 million for small businesses.

Business with 500 employees or less can borrow up $10 million. And, money spent on basic expenses like paying employees, rent, utilities, and mortgage.. do not have to be paid backed.

Now the big question: when will I see this money. Treasury Secretary Steven Mnuchin said he expects most people to receive their payments by April 17.