A second stimulus check?
In March the CARES Act was approved and included federal stimulus checks to be delivered to help Americans weather the COVID-19 pandemic.
We are now well into July with double-digit unemployment and many Americans needing a second round of aid.
Help might be on the way.
The proposed $3 trillion Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act would deliver another round of stimulus payments for most U.S. households.
The bill was passed by a Democrat-controlled House in May, still needing Republican-controlled Senate approval.
However, there are signs the White House might support the bill.
President Donald Trump said his administration will be “asking for additional stimulus money.”
Treasury Secretary Steven Mnuchin said in June the administration is “very seriously considering” the second round of stimulus checks, according to the Wall Street Journal.
Here’s what to expect:
How much can I expect?
The HEROES Act offers a larger stimulus payment than the CARES Act.
Under the new legislation, each member of a household would receive $1,200, including children.
The income thresholds are the same, taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments.
To see how much you would receive under the HEROES Act, you can check this stimulus calculator from OmniCalculator.
What about Students?
The CARES Act made only dependents under 17 years old eligible for the $500 payments, excluding most high school seniors.
The payments also excluded college students who were claimed as dependents on their parents’ taxes.
HEROES broadens its scope to include all dependents, which means that older teens and college students would be eligible for the $1,200 per-person payments.
How about immigrants?
HEROES would require only that a taxpayer have a “taxpayer identification number” — a number used by immigrants to pay taxes — rather than a Social Security number, as CARES required.
What’s not to like?
Americans are asking for more help. There are still questions about the extension of the $600 unemployment boost provided by the Federal government that’s scheduled to expire July 31st.
Some politicians are listening to their constituents.
Senator Bernie Sanders of Vermont, who with Democratic Senators Kamala Harris of California and Ed Markey of Massachusetts have introduced a bill to provide $2,000 per month for every U.S. resident.