With a second stimulus check up for debate, many Americans are wondering how much they could receive under a second economic impact payment. At this time, a proposal hasn’t yet been decided upon, and there are mixed opinions regarding who should be eligible and how much they should receive, though there are a few good guesses as to how much a second stimulus payment could be.
Among the most talked about proposals is the Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act. Proposed by Democrats, the bill, dubbed a “$3 trillion left-wing wish list” by Senate Majority Leader Mitch McConnell, was approved by the House of Representatives 208-199 in May. It is expected to finally become a central topic of discussions and negotiations when the Senate reconvenes from their scheduled summer recess on July 20.
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Under the proposed bill, 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, conditions similar to that of the CARES Act. There is a phase-out for incomes – single filers earning $75,000 through $99,000 and joint filers earning $150,000 through $198,000, and the bill would extend eligibility to dependents, Americans able to receive $1,200 per dependent.
A tool created by the Omni Calculator Project allows Americans to see just how much they would receive should the HEROES Act be signed into law. Accessed by clicking here, the calculator is easy to use. Users simply need to put in the requested information, which includes your filing status, how many dependents you have, and your adjusted gross income (AGI). The calculator will then give you an approximation of what you would receive in the scenario the bill passes.
Of course, there is no guarantee that the HEROES Act will be passed, and it has mostly been assumed dead upon arrival in the Senate. A number of other bills have also been proposed, some of which include stimulus checks amount to $2,000 for the duration of the pandemic. Others, however, call for no stimulus check at all and instead favor back-to-work bonuses.
Despite the uncertainty, there seems to be growing support for additional stimulus payments, something that is now even being backed by President Donald Trump. In a recent interview with Nexstar, the president said that another round of payments could be approved “very soon.” He has also stated that he supports amounts higher than those proposed in the HEROES Act.
