What is a Stimulus check?
A stimulus check is a check sent to a taxpayer by the U.S. government. Stimulus checks are intended to stimulate the economy by providing consumers with some spending money. When taxpayers spend this money, it will boost consumption and drive revenues at retailers and manufacturers and, thus, spur the economy.
Senate Republicans released a roughly $1 trillion coronavirus relief bill proposal Monday. The Health Care Economic Assistance Liability Protection and Schools or HEALS Act sets off negotiations to reconcile with House Democrats’ $3 trillion proposal.
One item that is consistent in both proposals: Economic Impact Payments, commonly known as stimulus checks.
The stimulus bill – the fifth since the pandemic began in March – is likely the last economic rescue package before the November election.
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How much would another stimulus check be?
Another round of $1,200 checks for individuals and $2,400 for couples, are included in the HEALS Act, similar to the CARES Act.
The proposal from Senate Republicans will include the additional $500 for each dependent, and will be expanded from just children to cover dependents of any age.
When could one get another stimulus check?
The speed of which Americans could get this Economic Impact Payment depends on Senate Republicans negotiations with House Democrats. However, Treasury Secretary Steve Mnuchin said he wants to finalize legislation by July 31.
The Treasury said on early June that approximately 159 million payments have been sent to Americans, falling short of the estimated 171 million stimulus checks in total to be distributed. Since then, less than 1.5 million payments have been sent.
Who could qualify for this stimulus check?
The income criteria for the next round of economic impact payments would be the same as stipulated under the CARES Act. Under the HEALS Act, full payments would be made to individuals with up to $75,000 in adjusted gross income, or $150,000 for married couples who filed their taxes jointly.
The Internal Revenue Service will make the assessment from the latest filed tax returns. Those who did not file taxes for 2018 or 2019, they can still submit their payment information to the IRS.
Under the Republican proposal, the HEALS Act follows nearly all the same payment guidelines set for the, with $1,200 for individuals and $500 for dependents. But there’s one major difference, and still plenty we don’t know. Like, for example, if the GOP’s proposal could change.
Now that the Republicans have put their legislative cards on the table, they will begin negotiating with House and Senate Democrats on details of the next economic impact payment, including whenand who will qualify based on age, annual taxable income, citizenship, marital status and the number of dependents you claim.
So where do things stand? We’ve detailed everything we know right now about what’s happening with the next rescue package.
How more people could qualify for a second stimulus check under the Republicans’ plan
The Senate Republicans’ HEALS Act would follow the payment guidelines set out in the CARES Act: “We are going to continue the economic impact payments that were made in April and May,” Senator Chuck Grassley said Monday. But Grassley said under the HEALS Act, more people would qualify.
“[The bill] includes just a few people that were unintentionally left out of the last one. Mostly dependents, college and adults, that are somebody else’s dependents,” he said.
Here’s who would qualify for a HEALS Act payment:
- A single US resident with an adjusted gross income less than $99,000.
- Head of a household earning under $146,500.
- Couple filing jointly without children and earning less than $198,000.
- A dependent child or adult.