A second stimulus check? Here’s how much money you could get
The HEROES Act would offer a larger stimulus payment than the CARES Act.
KNOXVILLE, Tenn. (WVLT/CBS) -Most Americans have now received the federal stimulus checks directed by the CARES Act in March to help consumers weather the economic downturn caused by the COVID-19 pandemic.
The economic downturn has now been declared an official recession which led to more calls for a second round of stimulus checks.
The proposed $3 trillion Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act would authorize another round of stimulus payments for most U.S. households. The bill was passed by the House last month, it still must get through the Senate.
According to the Wall Street Journal, the Trump administration is working on its own plan for additional stimulus funding. President Donald Trump said his administration will be “asking for additional stimulus money,” while his economic adviser Kevin Hassett told the Journal this week that the odds of another stimulus package “are very, very high.”
The HEROES Act would offer 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 would remain the same. Therefore, single taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments.
The HEROES Act would set a cap total payments at $6,000 per family. The new legislation would also allow older teens and college students to be eligible for the $1,200 payments.
The HEROES Act would also provide more benefits for immigrants. HEROES would require only that a taxpayer has a “taxpayer identification number” — a number used by immigrants to pay taxes — rather than a Social Security number, as CARES required.
To see how much you would receive under the HEROES Act, you can check this stimulus calculator from OmniCalculator.
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