Certified financial expert breaks down economic stimulus package
So far legislators have passed or are in the process of passing three bills.
The first bill was 8.3 billion dollars in funding to research a vaccine for COVID19.
The second bill gives greater access to testing for the virus, giving everyone access to free testing.
The third bill is the economic stimulus package helping to prop the economy up during these trying times.
“So what we have right now is an environment where no one is out actually spending money and it’s cyclical," said Jeanne Fisher, Managing Director at Strategic Retirement Partners. "The less money spent, the less money we have in our pockets. We now have a really high unemployment rate. So what this stimulus bill is doing is it is trying to eject money into the economy to prevent it from collapsing while it’s pretty much shut down."
A huge portion of the stimulus package will be sent to individuals in the form of checks.
“So it’s going to pretty much everybody. There is a huge portion of it actually being sent to the individuals in the form of those checks there is a little bit more than 300 billion dollars earmarked for small businesses and more than 500 billion dollars earmarked towards large business," added Fisher.
From the way the bill is written right now, it is based on your 2018 tax return. However, if you have already filled your 2019 tax return it may be based on that income.
“This is the largest economic stimulus package far surpassing what happened in 2008, 2009. So it was meaningful that jute legislators were able to process this bill in such a short time and there is still a lot to be understood operational behind the scenes how these programs will be rolled out," said Fisher.
Financial experts tell 13 News that they are hoping individual checks will be sent out in early April.