How Much Money CT Residents Can Expect From Stimulus Package

CONNECTICUT — Amid the coronavirus pandemic, the U.S. Senate on Thursday unanimously passed a $2 trillion stimulus package behind trumpets of bipartisanship. The bill went to the House, which was approved on Friday, before heading to President Donald Trump's desk. Trump has promised to immediately sign it.

Lawmakers are desperate to get cash in the hands of Americans and prop up devastated businesses to offset the economic chokehold caused by the pandemic.

Connecticut Gov. Ned Lamont said the state will receive a minimum of $1.25 billion, the Connecticut Mirror reported. Some of the money is expected to go to hospitals and businesses across the state. The bill also includes loan forgiveness for companies that continue to pay their employees during the pandemic. You can read the 880-page coronavirus stimulus package here.

Connecticut's Democratic U.S. senators weighed in on the bill. Chris Murphy said the $2 trillion stimulus package can save the country from both medical and economic "catastrophe."

Said Richard Blumenthal, "The bipartisan relief package is imperfect, but imperative. It is a big and bold initiative, a monumental next step, but there must be more ... A medical Marshall Plan is a linchpin. Doctors are desperate for tests, masks, protective equipment, ventilators, and ICU beds. Direct aid of $130 billion to hospitals and other providers to bolster access to urgently needed supplies.

"This bill puts cash in the hands of families and workers. Through expanded unemployment compensation, workers who lose their jobs will receive full pay or close to it for 4 months. Countless Americans will get significant cash payments.

"Tens of millions of dollars will be available to Connecticut small businesses in days, not weeks. I’ll be working with Gov. Lamont to bring Connecticut every possible dollar. Glad to see major investments in affordable housing and food assistance programs."

How the coronavirus stimulus package will affect Connecticut residents

How much money are Americans getting?

Most workers who earn up to $75,000 will get $1,200, plus $500 per child, and joint filers who make up to $150,000 will get $2,400, plus $500 per child. Payments will be gradually less for workers who made more than $75,000 ($150,000 for joint filers) and stop altogether at $99,000 ($198,000 for joint filers). The information will be taken from your latest tax filings. You can find out about how much you may be getting on this stimulus check calculator by The Washington Post.

When can Americans expect to see the money?

Blumenthal said Connecticut residents should expect to receive their checks within three weeks. The White House has made it clear it wants the money to go out as soon as possible. Officials are eyeing April 6, and Treasury Secretary Steve Mnuchin said many people would have their money within three weeks of Trump signing the bill into law.

How are payments being dispersed?

The Internal Revenue Service will use your 2019 tax return to get your direct deposit information. If that information is unavailable, it will be use your 2018 tax return. The money will then be direct-deposited or mailed.

Unemployment benefits for Connecticut residents

The federal stimulus package includes an additional $600 on top of what you would normally receive from the state for unemployment benefits. This benefit would continue for the next four months, Murphy said at a press conference Thursday.

The Connecticut Mirror reported the maximum weekly unemployment benefit in the state is $649 and the federal benefit would mean that a worker in Connecticut could receive a maximum benefit of $1,249 per week. This extra benefit is capped at four months.

Murphy said furloughed Connecticut workers who lost their jobs due to the coronavirus pandemic will also receive financial assistance from the federal government. Additionally, he said the bill is designed to help self-employed workers, too. He urged self-employed, part-time and new-hire workers who are no longer drawing an income to call the state unemployment office for guidance to see if they're eligible for benefits.

Unemployed workers would be able to collect benefits for up to ten months, though the additional $600 federal benefit expires after four months, CNBC reports. Here is an explainer piece by NBC News that answers every question on who is eligible for unemployment and how much to expect.

Student loans

Murphy said federal student loans are suspended during the pandemic and added that Connecticut's hospitals are expected to receive around a $1 billion. Connecticut's colleges will also receive significant financial assistance too, Murphy said.