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H.R. 7960: Payments for the People Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Aug 7, 2020.

Payments for the People Act

This bill provides for additional recovery rebates to individual taxpayers and their dependents based upon the average unemployment rate over a three-month period. The rebates are between $1,000 and $2,000 each month and continue until the unemployment rate falls below 5.5%. The rebates phase out for individuals whose modified adjusted gross income exceeds $75,000 ($150,000 for married couples filing jointly).