Stimulus Package: what it means for you?

The $2 trillion deal means money for most Americans.

The white house and senate leaders struck a major deal this morning to jolt the struggling economy as it continues to take hits from the coronavirus pandemic.

Kimt news 3's annalise johnson joins us now to break down what this means for you./// yeah katie á this is one of the most expensive and fará reaching measures in the history of congress.

But what will it look like for your bank account?

Here's what we know right now about this deal.xxx here's a breakdown of where those 2 trillion dollars will go... 250 billion is for direct payments to individuals and families.

350 billion in small business loans.

250 billion in unemployment insurance benefits and 500 billion in loans for distressed companies á 50 billion of that is for passenger air carriers.

The goal is to pump financial aid into a struggling economy hit hard by job loss.

Let's take a closer look at that 250 billion for individuals and families... if you are single and earning 75 thousand dollars or less á you qualify for 1,200 thousand in payment.

Married couples earning 150 thousand or less qualify for 2,400 á with an additional 500 dollars per child.

If you're single and make more than 99 thousand or are married and make more than $198 thousand á you do not qualify.

According to the tax policy center á about 90% of americans will be eligible for full or partial payments under these guidelines.

So how will your eligibility be determined?

It will be based on your 2019 tax returns if you've already filed á or your 2018 returns if you haven't yet.

Because of a lengthy process between when the irs calculates your payment amount á to when you will actually be able to access that money á you shouldn't expect to receive your check until at least may.

Katie./// thank you annalise.

Congress is still putting final touches on this bill.

It will also suspend student loan payments and protect americans against evicitions and foreclosures./ // now that a stay at home order is issued