What the $2 trillion stimulus means for you — and how to know if you qualify for ‘recovery rebates’

The Trump administration and Senators hashed out a $2 trillion stimulus deal that would cut $1,200 checks to many adults, expand unemployment insurance payments and extend loans to businesses, all in an effort to combat the coronavirus outbreak’s toll on the economy.

The White House and Senators reached a deal early Wednesday morning and a Senate vote could come later in the day, according to Senate Majority Leader Mitch McConnell. The bill was still awaiting a vote Wednesday evening, but a dispute over jobless aid has delayed the bill. Speaker of the House Nancy Pelosi, a Democrat, has also pledged to quickly pass the measure in the House.

However, Treasury Secretary Steven Mnuchin on Wednesday said that direct payments to many Americans under the stimulus bill would come within three weeks. Mnuchin said he expects the bill to pass the Senate Wednesday evening, even as a debate over unemployment benefits was delaying quick consideration.

Barring last minute changes, here some specifics on the “recovery rebates” in the bill:

Taxpayers making $75,000 and below will receive a $1,200 check….

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