Second Stimulus Check Proposal
Many people are still waiting on their first stimulus checks, however the U.S. House of Representatives is already working towards sending more relief to Americans. House Democrats have put forth a bill that will provide another round of stimulus funds to Americans with many getting even more money than before.
The HEROES Act – Second Stimulus Check Proposal
Today House Democrats introduced the HEROES Act which is a second stimulus proposal aimed at supporting the economy and putting money in the pockets of most Americans. The $1,200 stimulus payment returns in the HEROES Act, however there are some changes including a few that are very good for families. (More $$$)
Here is how the new stimulus would work under the HEROES Act:
- Individual taxpayers will receive $1,200 while couples who file jointly will receive $2,400
- Parents will receive an additional $1,200 per dependent up to a maximum of 3 dependents
That means a family of five would potentially receive a second stimulus check for $6,000 if the HEROES Act passes. This is in addition to any funds received in the original stimulus. This new stimulus also has two changes that many were calling for. Previously only dependents 17 or under counted, while under this new plan there are no age restrictions for dependents. Immigrants are included in this new stimulus as well.
New Stimulus Check – Income Requirements Largely the Same
Just like with the original stimulus there is an income cap for receiving federal funds. Couples making more than $150,000, heads of households making more than $112,500 and single filers making more than $75K will have their stimulus reduced or eliminated depending on their exact income.
Who Is Eligible for the New Stimulus?
The HEROES Act specifically defines who qualifies for the new stimulus as an “eligible individual”.
Everyone is eligible for the new stimulus under the HEROES Act except the following:
- Any nonresident alien individual
- Anyone who can be claimed as a dependant by someone else
- Estates and/or trusts
More Information on the HEROES Act
The HEROES Act is available from the House website and is a good read for anyone who is looking to know more details about who will be eligible for the proposed second stimulus and what it might look like in other ways. You can find the full text of the HEROES Act here.
Second Stimulus Check Proposal – Bottom Line
The U.S. House of Representatives will begin debating what the next stimulus will look like. The HEROES Act is the framework the Democrats want to use to deliver a new stimulus to Americans, however there are likely to be changes before it fully passes Congress.
What do you think of this new U.S. Stimulus proposal? Is it too generous or not generous enough? Let us know in the comments!