PEORIA (HOI) -- In an effort to support the struggling economy, the White House and Senate have reached a $2-trillion stimulus deal.
Single people who earn up to $75,000 a year would receive a direct payment of $1,200. Married couples making up to $150,000 would receive a $2,400 payment. There is an extra $500 per child for those with kids under 18 years of age.
Bradley University Economic professor, Colin Corbett, says the bill is targeted at bridging the gap for working families impacted by the pandemic.
"It also includes increased unemployment benefits, so I believe it's an additional $600 per week for those getting unemployment benefits," said Corbett.
Single individuals who earn more than $99,000, and couples who earn more than $198,000, per year are not eligible.
The measure still needs congressional approval, but the previous version excluded payment for those with the lowest annual income.
"The new bill, is again broader, so even really poor people would get the full 12-hundred. I assume if the old proposal was not taxable, this would not be taxable," stated Corbett.
The overall goal of this bill is to ensure that once the pandemic is over the economy will be able to pick back up.
If the emergency aid package is passed by Congress, it would be the largest in US history.