As many Americans continue to feel the financial impact of the ongoing coronavirus pandemic, we are staring to learn more about who would and who wouldn’t get a second stimulus check. On the heels of the CARES act, the House has proposed the HEROES act, which would allow for another round of relief payments.
Short for Health and Economic Recovery Omnibus Emergency Solutions, the HEROES act is a $3 trillion proposed relief bill that would put another surge into the U.S. economy. As with the CARES act, there will be certain criteria that citizens have to meet in order to get a relief payment. Scroll down to read more about all we know about who is eligible, as adapted from a CBS News article.
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Low & Middle-Income Families
The same income qualifications that were set with the CARES act will remain under the HEROES act. This means that low and middle-income households will be the ones receiving payments.
Individual taxpayers who have a maximum adjusted gross income of $75,000 will likely be eligible for a second stimulus check. Additionally, Married couples who file their taxes jointly, and whose total household income is not greater than $150,000m will also be eligible.
Children, Including 18-year-olds
The CARES act gave families $500 for each child, but the HEROES act would increase this amount. Families would get $1,200 for each child. This is up to three children.
Additionally, it will also provide relief payments to families who have children that are 17 and 18. The CARES act cut off at 16. This means that families with older teens did not get stimulus money for those children.
Students in College
One of the most left out groups under the CARES act were college students. Those who were listed as dependants on the parents taxes were not eligible for the stimulus payments. The HEROES act would change.
This time around, college students, even if their parents claims them as dependants, would be eligible for a $1,200 payment.
Citizens with Immigrant Spouses
Another group that was left out with the CARES act were couples where one of the spouses is an immigrant. This was due to the lack of social security number by the immigrant individual. A wave of anger was sparked over this, and it has lead to at least two lawsuits.
The HEROES act would reverse course and let these couples be eligible for a stimulus payment.
“No Payment” Citizens
High-income families will not get HEROES relief payments unless they have qualifying children or dependents. The payments would reduce as the income grows, until it phases out completely for individuals taxpayers whose income is above $98,000 and $199,000 for married couples.
Additionally, the three-child rule is firm with the HEROES act, meaning that families will get payments for up to three children if they have them, but if they have more children, it will remain capped at three.
When Could the Payments be Sent?
At this point, there is no timeline on when the second payments could come. The House passed the HEROES act in May, but the Senate has been slow to move on it. Senate Majority Leader Mitch McConnell was previously quoted as saying that the Senate feels little “urgency” regarding a vote.
However, Treasury Secretary Steven Mnuchin recently delivered testimony in the Senate, explaining that in his opinion the nation’s economy needs more help. “I think we’re going to seriously look at whether we want to do more direct money to stimulate the economy,” he said. “This is all going to be about getting people back to work.”
Will There be a Third Stimulus Package
The chances of a second stimulus package are looking more likely each day, but some have wondered if there could be a need for a third package at any point. This seems to be less likely.
McConnell stated earlier this month that the next stimulus bill will be the “final” one, and that it would actually likely be less than the CARES act. The Senate has not yet unveiled a plan, but McConnell stated that it should be revealed in early July.
