Last week, President Donald Trump signed a $2 trillion coronavirus relief package, which provides direct payments to Americans as they struggle to deal with the global pandemic. The bill provides $1,200 to individuals who make less than $75,000, and $2,400 for couples who earn up to $150,000. In addition, Americans will receive an additional $500 for every child under the age of 17 they list as a dependent.
Individuals who make more than $75,000 will see their payments reduced by $5 for every $100 above $75,000. If you make more than $99,000, you will not get any money. Couples who file jointly and earn more than $150,000 will also see their payments reduced based on their income, with a cap of $198,000.
If this seems confusing and you want a simple way to estimate how much money the government will be sending you, there's an easy to use online calculator. All you have to do is select your filing status, and enter the number of kids you have and how much money you earned in either 2018 or 2019.
To keep up to date on the latest news about the coronavirus and to understand what you need to stay safe and healthy, check out the Coronavirus: Fact vs. Fiction podcast from CNN Chief Medical Correspondent Dr. Sanjay Gupta.
Photo: Getty Images