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How Michiganders will benefit from the $2 trillion national stimulus deal

The deal to protect the national economy amid the coronavirus crisis will impact local small businesses and individuals

GRAND RAPIDS, Mich. — After days of negotiations, lawmakers made a deal on a $2 trillion national stimulus package early Wednesday morning. The '$2 trillion relief package is the biggest in American history,' according to ABC News. 

So how will it directly impact individual Americans?

"This is a multi-purpose package that is designed to help a lot of different areas of the economy," says Senior Financial Advisor Ben VerWys. "About $250 billion is designed to go to individuals. As it sits today, individuals making less than $75,000 a year will receive the full $1,200 stipend, and married couples will get double the numbers."

VerWys says that according to the stimulus bill, married couples that each make less than $75,000 a year, or less than $150,000 combined a year will receive $2,400. Individuals that earn more that $100,000 dollars a year, or a married couple that earn more than $200,000 a year are not eligible. Eligible individuals should keep an eye on their mailboxes for a check from the government, and VerWys says that check should arrive soon. 

Another area of the economy that will see an impact from the stimulus bill, however VerWys says not as quickly as individuals will, are hospitals, small businesses and corporations. 

"$130 billion is earmarked for hospitals in need and medical equipment," says VerWys. "And the bill does have about $350 billion earmarked for small businesses that will then be able to apply very likely through the small business association or the SBA so if you do own a small business I encourage you to keep a close eye on the SBA."  

According to VerWys, Michigan has been heavily financially impacted by the coronavirus crisis, most notably, the shutdown of non-essential manufacturing businesses. And while he says he expects there to be more volatility in the short term, he reminds that normality will return. 

You're going to have a lot more people that are eligible for unemployment per capita in Michigan than other states might. It's does mean you're going to have a lot of small business aid that may be relative than other states. There are a lot of small businesses in Michigan, a lot of family held businesses."

"Please so not panic. Please stay the course and be patient and even a little bit understanding and optimistic."

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