Technically, 'are' is the correct form because you're speaking about something in its pluralised form, but 'is' is usually opted for because you're speaking about something in the collective. You're taking something that's pluralised and making it just be one thing.
Agree with cruciFICTION, amounts of money are grouped together as single objects, so I'd go for 'is'.
Time and money are always treated as singular: A thousand pounds is enough to buy a new computer. Five minutes is enough time to run a mile. So in your example 'is' is correct. The only time money is plural is when you are talking about the physical thing: Two dollar bills are inside John's pocket. Hope that helps. Rachel
that is an uncountable noun, just like music, art, love, happiness advice, information, news furniture, luggage rice, sugar, butter, water electricity, gas, power currency and you should treat them like singular.
So if this is weight, it would be "is", but if pounds(English currency) is money it would be "are"? No, that wouldn't be right either. All I have is twenty dollars. All I have are twenty-dollar (bills). twenty dollars is a singular unit, 20 dollar bills is plural individual items. Maybe my thinking in my reply helps? It helped me reason it out.
