Columbus financial expert explains federal stimulus package

Columbus financial expert explains federal stimulus package
Americans will receive direct payments as part of a $2 trillion coronavirus outbreak stimulus package. (Source: CNN)

COLUMBUS, Ga. (WTVM) - The United States Congress is voting on a $2 trillion stimulus package to help people and businesses while parts of the economy are shut down during the COVID-19 pandemic.

Synovus CEO Robert Nobles says the stimulus package is meant to provide short term relief.

“Right now, you know we’re coming up on month end, bills are due, and its meant to provide short term relief while businesses are closed down,” said Nobles.

$250 billion is set aside for direct payment to individuals.

Some Americans are wondering who qualifies and how much they will get. The packages are dependent on your 2019 taxes, or 2018 if you have not filed yet.

If you are a single person who makes $75,000 dollars or less a year, you will get $1,200. If you are married a couple whose total earnings are $150,000 a year or less, you’ll get $2,400. Individuals will also receive an additional $500 for every child under the age of 17.

“It’s probably gonna be helpful, but it’s not meant to cover all of our basic necessities like rent, utilities and food and depending on when businesses can reopen, we may need additional relief," said Nobles.

Individuals who have filed for unemployment will receive an additional $600 in addition to their state benefits for four months.

Retired seniors that are not listed as dependents and also fall into the income threshold will also receive a check.

There is $350 billion in loans available to small businesses and non-profits with under 500 employees, but there are stipulations, which, if broken, will require repayment of the loan.

Laurie Wolfe, the owner of Puddle Jumpers in Columbus said, “It’s gonna allow a lot of businesses that might not otherwise remain open, remain open and a lot of employees who might not otherwise retain their jobs, retain their jobs. Even if they’re unemployed for a brief period, they’ll get their jobs back.”

According to President Donald Trump, the target date for checks to be dispersed is April 6 and could be received via direct deposit, by mail or on pre-loaded debit cards.

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