Stimulus bill gives up to $1200 to Americans making less than $99K

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INDIANAPOLIS (WTHR) — Congress has passed $2 trillion spending bill to Americans and businesses amid the coronavirus pandemic.

So what does that mean for individuals and families?

The bill gives every American making less than $99,000 an up to $1,200 stipend.

For example, a married couple making $150,000 would get $2,400. That same couple would get an additional $500 for every child they have.

However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, CNN reported. The thresholds are doubled for couples.The assistance caps out at $99,000 for individuals and $198,000 for couples. This bill also includes assistance for those who are lower income, according to Today. Earlier bills reportedly did not include lower-income individuals.

The government is hoping to send out the checks as soon as possible. No formal date has been given.