Following an initial round of stimulus checks for taxpayers during the coronavirus pandemic, there have been many discussions surrounding a potential second round of stimulus payments. House Democrats revealed a new plan on Tuesday that could grant even more relief to eligible Americans, according to CNBC. The news comes as numerous proposals in Congress regarding potential, additional stimulus payments have made headlines.
The White House and Congress previously came to an agreement in late March regarding a $2 trillion stimulus package, which not only ensured that many businesses and individual Americans would receive financial relief. That stimulus package entitled eligible Americans to a one-time $1,200 check (or $2,400 for married couples filing a joint tax return). The plan also entitled those with children as dependents to $500 per child. The IRS has sent out millions of those payments, and talk has now turned toward whether the government will send out another round of relief.
In light of these discussions, House Democrats unveiled their new stimulus package on Tuesday. As for what the plan entails, read on to find out everything you need to know about it.
A New Package
According to CNBC, House Democrats, led by Speaker of the House Nancy Pelosi, unveiled their plan on Tuesday. This plan, which they have entitled the Heroes Act, is similar to the previous policy that the White House and Congress agreed to in late March. It would include “more substantial economic impact payments.”
Details Of This Plan
The Heroes Act would grant eligible Americans $1,200 per family member, with up to $6,000 going to each household. This proposal comes as the government is still trying to send out all of the stimulus checks from the CARES Act to Americans.
Like the CARES Act, the Heroes Act would structure these payments in a specific way to individuals and couples. This new proposal would entitle individual Americans to $1,200, and married couples who file a joint tax return would receive $2,400.
Increased Payments For Children
Under the CARES Act, eligible Americans who claim children as dependents received $500 per child. The Democrats' new proposal would increase this amount. Individuals with children as dependents would receive $1,200 per child for up to three children.
Addressing Specific Issues
In the first stimulus package, immigrants and dependents aged 17 and older were left out and were thus ineligible to receive payment. Under the Heroes Act, those individuals would be able to receive those checks. Additionally, they would be eligible for this second wave of payments.
Timing of Payments
Since this act has yet to make it through the entire legislative process, there's no telling what the timeline regarding payments would be. However, CNBC reported that if this proposal does pass, the IRS could have an easier time sending out payments as they now know where to deposit the money because of the first stimulus package.
Other Plans Being Floated Around
Congress is not only discussing the Heroes Act. CNBC reported that several Democrats, including Kamala Harris, Bernie Sanders, and Ed Markey introduced a bill that would grant eligible Americans $2,000 amidst this pandemic. In recent weeks, there have been talks regarding several other proposals. The Emergency Money for the People Act, the Getting Back to Work Act, the Rent and Mortgage Cancellation Act, and a proposal from Senator Sherrod Brown of Ohio have all been discussed. Although, none of these plans have made it through the legislative process just yet.