Whether you agree or disagree with the idea of another round of stimulus checks, it very likely appears to be happening.
The question: how much and when.
Yesterday Senate Republicans proposed another bill aimed at granting American families some economic relief during the coronavirus pandemic which includes plans for another round of stimulus checks (most likely distributed through direct deposits to individual bank accounts).
The checks would largely follow the same guidelines as those issued under the CARES Act. The payments are $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per dependent.
The difference with this round of payments is that there will be no age cap on eligible dependents. While the CARES Act only allowed the additional $500 to be allocated for families with dependent children, now households will be able to claim the additional $500 for dependents of any age.
In order to receive the benefit, an individual must have a work-eligible Social Security number and he or she cannot be the dependent of another taxpayer.
In order to receive the benefit, an individual must have a work-eligible Social Security number and he or she cannot be the dependent of another taxpayer.
The HEALS Act did clarify that some people are ineligible for the payments, including anyone who died prior to January 2020, anyone who is incarcerated at the time the payment is processed by the Treasury or anyone who is imprisoned for the duration of 2020.
U.S. one-hundred dollar, ten-dollar, five-dollar and one-dollar banknotes are arranged for a photograph in Hong Kong, China, on Thursday, April 23, 2020. The Hong Kong Monetary Authority intervened for a third straight day this week to defend its currency peg as the local dollar touched the strong end of its trading band. Photographer: Paul Yeung/Bloomberg via Getty Images