So news broke this week that Trump is planning to issue out another stimulus check. However, he didn’t go into much detail about how much to expect or when it’s coming. What you may NOT know is that this all is based on the HEROES act passing in the Senate. HEROES stands for “Health and Economic Recovery Omnibus Emergency Solutions”.
HEROES is very similar to the first stimulus check that came due to COVID-19. If you received a stimulus check the first time, you will most likely be receiving a second one. According to CBS News, the same income limits apply. Single taxpayers with maximum adjusted gross income of $75,000 will be eligible for a second stimulus check. Married couples who file their taxes jointly with a total household income of no more than $150,000 will also be eligible.
The great thing about the second round is that it will expand payments for families with children or dependents. It’s been reported that the HEROES Act will disperse payments of $1,200 per child versus $500 like the first time. This time children between the ages of 17 and 18 will also be included. College students who are still claimed as dependents by their parents can also qualify.
The HEROES Act will also reportedly provide a stimulus check to American citizens who are married to immigrants without a Social Security number. This did NOT happen the first go around. The HEROES Act will also pay out cash to those with a Tax ID number versus a social which could mean resident aliens could qualify.
So, who’s not getting paid? Wealthy Americans that go over the limit. Of course, that doesn’t apply to those with dependents. The cut off will be $98,000 for single taxpayers and $199,000 for married couples, just like the first time. Also, families with children will only be able to receive a maximum of three payments even if they have more children/dependents. The HEROES Act has yet to pass. The Senate will make a decision hopefully in July.
I put all of my stimulus money into my savings account when it arrived to hopefully build my account for the future. I could use another check to double that! I know it’s supposed to “stimulate” the economy but I need to stimulate my bank account! You feel me?!