Federal Stimulus Package: What does it mean for you?
SOUTH BEND, Ind. - The US Federal Government is close to implementing a multi-trillion dollar economic stimulus package to help people and small businesses make ends meet during the coronavirus pandemic.
The Senate passed the bill this week, and the House of Representatives is set for a vote on Friday.
Financial experts and elected officials said the stimulus bill will help individuals directly by sending them checks.
The way the bill is written now, if you make up to $75,000 a year, you can expect a $1,200 check from the government. If you have children, you qualify for $500 per child.
"The Federal Government is really trying to help the middle class worker stay afloat," said SYM Financials Financial Advisor Jonathan Slocum. "They're trying to give money to businesses. So, there's a $350 billion package for loans."
Republican Congresswoman Jackie Walorski, who represents much of Michiana in Congress, said the money will work as safety nets for people to smoothly transition back to work when the pandemic subsides.
"We are making sure that families don't have to panic," Walorski said. "The money's on the way. They can sleep better at night."
Walorski said the money could be available sooner rather than later.
"So I won't even be voting this until tomorrow (Friday), and I'm assuming it does pass the house, and if it does, the President signs it," Walorski said. "So, I would say momentarily after that, and for small businesses, they can call their local bank as that money won't be coming through the business authority, it'll be coming through the local bank. So, they can make those calls really, probably Monday morning."
The House of Representatives is set to vote on the measure on Friday.