Sunday May 24, 2020
Coronavirus Rebate Checks Proposed
Treasury Secretary Steven Mnuchin spoke to reporters this week and stated that the bill will be very expensive. He noted, "This is a big number. This is a very unique situation in this economy."
While negotiations are still in process, checks to individuals may be distributed as early as April 2020. The cost of the stimulus bill could reach $1 trillion.
Sen. Chuck Grassley (R–IA) is leading the Senate panel drafting the specific provisions. Grassley noted, "We are now working on a bold and comprehensive effort to provide additional relief to Americans and our economy in this challenging time."
Speaking on the Senate floor on March 19, Grassley explained multiple benefits that are under discussion for the new coronavirus relief bill.
- Checks — Up to $1,200 for individuals and $2,400 for couples.
- Tax Payments — Both filing of returns and tax payments would be deferred from April 15 to July 15, 2020.
- Quarterly Payments — The quarterly estimated tax payment deadline will be delayed for 180 days.
- Charitable Gifts — There will be no limit on the deductions for charitable gifts given to coronavirus relief organizations. There also will be a new "above the line" charitable deduction.