With the Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act, having successfully made its way through the House of Representatives, many Americans are wondering just how much money they should expect to receive should the relief package pass. Although the bill faces an uphill battle in the Senate, where it will more likely than not fail, that hasn't stopped some from holding out hope that further financial relief amid the coronavirus pandemic is on the way.
In a new online tool created by the Omni Calculator Project, Americans can now calculate just how much money they would receive under the HEROES Act. The calculator, which can be accessed by clicking here, is relatively easy to use. To calculate your potential second stimulus check, simply input the requested information, which includes your filing status, how many dependents you have, and your adjusted gross income (AGI). You will then receive an approximation of what you would receive in the scenario the bill passes.
Under the congressional package, which includes more than $3 trillion in aid, single filers making up to $75,000 would receive a one-time stimulus payment of $1,200 and joint filers with an income of up to $150,000 would receive a one-time payment of $2,400. There is a phase-out for incomes – single filers earning $75,000 through $99,000 and joint filers earning $150,000 through $198,000, according to Forbes. Meanwhile, Americans would receive $1,200 per dependent, a $700 increase from the CARES Act, which only provided $500 for dependents and had further limitations. In all, the bill would up to a maximum of $6,000 in payments for a family.
In addition to the second round of stimulus checks, the Omni Calculator Project also notes that the bill would also call for hazard pay for frontline workers as well as extending the boost in unemployment insurance through Jan. 2021. The bill would also allocate $175 billion in rent, mortgage, and utility assistance, among other things, and $1 trillion in relief for state and local governments.
The HEROES Act was approved by the House of Representatives 208-199 earlier this month. The next step is a Senate vote planned for June 1, though it is not expected to pass. Senate Majority Leader Mitch McConnell called the bill a "$3 trillion left-wing wish list" and said that the Senate is still "not quite ready" to roll out a second coronavirus relief package. He did, however, state that there is a "high likelihood" of another relief package coming in the future.