A second stimulus payment coming? Here’s how much you could get
With Congress debating another round of coronavirus-related stimulus measures, there may be another payment for you on the horizon. Here’s what you might expect to see.
House Democrats have already passed another stimulus bill (the HEROES Act) that includes a second round of payments to Americans. The Democrats’ bill includes another $1,200 payment to each American adult, but also sweetens the pot by including $1,200 for each dependent child. (The last bill included just $500 per dependent child under 17).
The HEROES Act would cap total payments to families at $6,000.
To be eligible for payments, the threshold remains the same as the initial stimulus bill: individuals earning $75,000 or less or married couples earning less than $150,000 would receive the full payments.
Payments would decrease by $5 for every $100 of income above the $75,000/$150,000 line. Those earning more than $99,000 ($198,000 for married couples) would receive nothing.
To see how much you might receive, visit Omni Calculator’s HEROES Act tabulator here.
The Democrats’ bill would also widen eligibility to all individuals with a taxpayer ID number, meaning immigrants who aren’t U.S. citizens might also be eligible. This provision, though, might not survive a vote in the Republican-led Senate.
Don’t count your chickens just yet
It’s important to note that the HEROES Act has only passed the Democrat-led House. The Republican-led Senate has been lukewarm on additional stimulus measures, and has said they won’t review new legislation until July.
President Trump’s Treasury Secretary, Steven Mnuchin, however, has said that a second round of payments are under consideration.
“It’s something that we’re very seriously considering,” Mnuchin told reporters last week.
While it’s unlikely that all the provisions of the Democrats’ $3 trillion HEROES Act will survive in the Senate, stimulus payments to individual Americans have been popular in both parties, and seem more likely to pass than other elements of the bill.
So far, Congress has approved $3.3 trillion in stimulus measures related to the coronavirus pandemic, including direct payments, grants, loan guarantees and expanded unemployment insurance.
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