As coronavirus-related economic struggles continue, millions of Americans hope to receive a second stimulus check. While the House attempts to put together a new bill to address the issue, the big question remains: who gets another payment?
On Monday night, Senate Majority Leader Mitch McConnell (R-Ky.) announced the Health, Economic Assistance, Liability Protects and Schools, or HEALS, Act. The $1 trillion bill comes with a couple of changes compared to March’s Cares Act bill. Firstly, the bill includes $200 per week unemployment insurance, down from $600. Secondly, the HEALS Act provides more money for schools.
Despite previous speculation, the latest reports suggest that the second round of checks may follow the same eligibility formula as the first round, CNBC reports. Individuals earning up to $75,000 per year in 2019 qualify for a $1,200 economic impact payment. Couples earning $150,000 qualify for a $2,400 check.
For those earning more than the threshold, the checks reduce by $5 for every $100 in income. Checks completely phase out at $99,000 and $198,000.
Similar to the CARES Act, individuals also can receive $500 for each dependent. However, unlike the first round, the HEALS Act places no age cap on the extra payment.
The Senate also hopes to address one of the major issues from the first round of checks. Anyone who died prior to January 1, 2020 cannot receive a check. Furthermore, anyone in prison will not get a check.
Experts expect Democrats to change some provisions of the HEALS Act. For example, Senate Minority Leader Chuck Schumer (D-N.Y.) and Speaker of the House Nancy Pelosi (D-Calif.) say the bill does not include hazard pay for essential workers. Moreover, they claim the bill doesn’t adequately address the eviction crisis.
If the bill passes in Congress, Americans can expect to wait weeks or months for the $1,200 checks. In recent weeks, experts weighed in on a number of remaining questions regarding a second stimulus check. Learn more here.
[H/T CNBC]
