In April, the Americans received a $ 2 trillion initiative to financially relieve the coronavirus stimulus check. The Coronavirus Aid, Aid and Economic Security Act (CARES) was signed on March 27 to address the economic consequences of company closures and layoffs.
But now we are more than mid-year and coronavirus cases are still on the rise. In some states, many companies have closed after reopening due to an increase in cases and deaths, so we are still feeling the effects of the pandemic.
Since there is no immediate end in sight (until a successful vaccine is created and widely used), the federal government has held talks about sending a second stimulus check. The recently proposed Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) includes a proposal for the second round of stimulus testing. However, it should be noted that the bill could change drastically over the course of the Senate.
So far we know the following about the possibility of a second stimulus check program:
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When can I expect the second stimulus check?
The timetable for this is difficult: The HEROES law was presented to the House of Representatives on May 12 and passed on May 15. The Senate read the bill twice, most recently on June 6th. The Senate is currently in the break until Monday. July 20 and has 15 working days to debate the HEROES law before the next break begins on August 10.
All of this means that the Senate could potentially pass the law between July 20 and August 7, but even then a new law to approve the checks would have to be passed before the scheduled break. President Donald Trump would also have to sign the new economic law.
The best scenario is that the Senate could pass the law before August 7th and the first controls could be carried out in late August or early September based on the previous stimulus testing schedule. All this under the assumption that a stimulus check remains in the invoice.
The Senate will resume the session from September 8th to 25th. This is probably a more realistic timetable for the corresponding adoption of the HEROES law. If the law is passed at the September session of the Senate, stimulus checks could be spread from late September to mid-October.
How much money would a second stimulus check bring you?
Currently, the stimulus check amounts are the same as in the previous round: they range from $ 1,200 for an individual to $ 2,400 for shared filers.
Who qualifies for the second stimulus payment?
The significant difference between the CARES law and the HEROES law is that the HEROES law (as it currently applies) would allow anyone with a tax identification number to receive a stimulus test. This means that undocumented immigrants and most college students are eligible for this round of stimulus checks, according to Forbes. Anyone with a social security number would also be eligible.
Republicans have discussed lowering qualified earnings for the second round of stimulus checks from $ 75,000 a year to $ 40,000 a year, which would significantly reduce the number of beneficiaries.
"I think the hardest hit are earning around $ 40,000 a year or less," Senate Majority Leader Mitch McConnell said in an interview on July 6. "Many of them work in the hotel industry, so that could be part of it."
How would I get my stimulus check?
Like last time, you would receive your stimulus check through direct deposit. You have most likely already set up your direct deposit information through the IRS (Internal Service Revenue) web portal for the first round of stimulus testing. If you haven't been the last time, you can still enter your information on the IRS website, even if you don't normally submit taxes.
Still, many people struggled to get their direct deposit – and the IRS website gave taxpayers looking for a status update a frustrating error message. Let's hope that the system works better this time.
What do the Trump administration and the Republican-led Senate think about the stimulus checks?
Trump spoke openly about his support for a second stimulus check and said, according to the Washington Post, he "broadly supports sending another round of stimulus checks to the Americans." Trump has even said that he supports a bigger check than the Democrats' HEROES Act suggests. Forbes speculation suggests he would campaign for a $ 2,000 stimulus check.
McConnell was a little more conservative in his desire for a second stimulus check, including the $ 40,000 income limit. During an interview in late June, he also said that the overall initiative would provide less money than the CARES law.
Trump and Senate Republications reject the current HEROES law. Some Republicans prefer to focus on corporate tax breaks rather than another check for individuals.