A  invoice proposed by Senate Majority Chief Mitch McConnell, R-Ky., requires sending checks of $1,200 to $2,400 to most Individuals on account of the financial injury stemming from the coronavirus outbreak.

Based mostly on the language of the invoice, most Social Safety recipients must be lined.

However whether or not that may assist or damage seniors relies on the fantastic print of the laws, which lawmakers are nonetheless wrestling with on Capitol Hill.

First, the measure calculates how a lot you obtain from the federal government primarily based in your 2018 tax return. And whereas that requires $1,200 for people and $2,400 for many who are married and submitting collectively, it will possibly fluctuate.

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In case your tax invoice is beneath $600 as a person, you get $600. In case your tax legal responsibility is above $1,200, it will be capped at $1,200....