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The United States House of Representatives just passed the CARES act which is the largest stimulus package ever passed through the United States government.
This is the $2 trillion package that is going to provide unprecedented relief to a lot of individuals and businesses in the country.
Certain industries like the airlines will benefit from nearly $60 billion in aid while many Americans will be able to receive checks depending on their income and filing status as well as how many dependents they support.
I’ll write more details about how to qualify for these things in the future but Treasury Secretary Steven Mnuchin expects checks to be sent out in two or three weeks though it could take a little longer if things don’t go smoothly. You won’t have to wait as long as others if you’ve provided direct-deposit bank account information to the IRS.
Small businesses and the unemployed will also be able to receive funds to help them get through these tough times. And thankfully, health care facilities/providers will receive a lot of aid.
There was some last-minute drama with this bill as one representative was trying to require other representatives to vote in person. Luckily, his antics did not cause a hiccup in the process and voting was done in a way that common sense would dictate, given that other representatives have already tested positive.
The next step for the bill is for the President to sign it into effect and then we will start to see things get put into motion in the coming weeks. I’ll have more details to follow especially as they pertain to receiving checks and benefits to the travel industry.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.