Senators Stabenow & Peters Discuss Stimulus Legislation
A large part of the stimulus package includes checks sent directly to Americans who have filed taxes within the last two years. $1,200 a person, $2,400 a couple and $500 per child. The fastest way to get it? Make sure direct deposit is set up with the IRS. Otherwise a check is sent to your last known address.
“This is not taxable, and someone on social security or social security disability also qualifies. So the $75,000 income cap, that determines whether or not someone would get the full $1,200, not the type of income they have coming in,” said Senator Debbie Stabenow.
The legislation also expands eligibility for unemployment insurance to include small business owners, independent contractors and seasonal workers.
“In addition to qualifying for unemployment, we’ve also increased the amount that can be paid to individuals so that they have a supplement to what is normally provided by state unemployment insurance. What we have done in this program is increase it by $600 per week,” said Senator Gary Peters.
The maximum amount of an SBA loan is also increased to $10 million. But, the senators say more legislation may be on the way.
“We do have other areas of support for people. I would love to see more done as it relates to student loans. There was some but not as much as I would like to see in other areas of economics for people in terms of economic pressure,” said Senator Stabenow.
The House is expected to take up the legislation sometime Friday.