Second Stimulus Check: What to Expect in Addition to $1,200 Payment for CARES 2 Act
The second round of stimulus checks looks to be coming together, even if just a bit. With Congress [...]
The Amount
Treasury Secretary Steven Mnuchin confirmed that the payments from the HEALS Act will be equal to those from the CARES Act. On Sunday, Senator Lamar Alexander confirmed that the next stimulus check will be a one-time payment of $1,200.
prevnextThe Dependents
As with the CARES Act, each dependent claimed will tack another $500 for each dependent, although this time that applies to any dependent with no age restriction. The CARES Act limited qualifying dependents to 17-years-old or younger.
prevnextThe Threshold
The checks will be issued to those who earn $75,000 annually or less. This means that couples filing jointly would get $2,400 if they earn less than $150,000 together. Those who earn more will have their stimulus check reduced via a scale similar to the one used in the spring stimulus.
prevnextThe Unemployment Benefits
The HEALS Act will propose a flat short-term unemployment benefit of $200 a week while individual state's unemployment departments will need to update their systems to implement a system that will cap benefits at 70 percent of someone's normal salary. However, it could take anywhere from 8 to 20 weeks for these systems to be put in place. In most cases, this will be significantly lower than the automatic $600 unemployment insurance afforded by the CARES Act.
prevnextThe Eviction Moratorium
The moratorium on evictions, put in place by the CARES Act, expired on July 24, however, White House Advisor Larry Kudlow also has indicated that the moratorium would be extended in the next package. There's no indication of what that moratorium will be or when it will take effect at this point.
prevnextThe Aid for Schools
As previously reported, there will be a significant amount of funding going into schools this round. Despite Sen. Rand Paul's objections, $105 billion will go towards the Department of Education, with $70 billion of that going to K-12 and with another $29 billion to higher education. An additional $5 billion will go towards Governor's funds to be designated for either K-12 or higher education, though it will ultimately be up to them. Worth noting that some of these funds will only be available to schools that physically reopen, which the Trump administration has fiercely advocated, despite health risks.
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