Some families would receive up to $6,000 from the federal government if a House-passed stimulus package were to make it to President Donald Trump’s desk and receive his signature.
However, the bill is now with the Senate, where changes could be made. While the back-and-forth between the Democratic-led House and the Republican-led Senate is likely to take some time, Trump has already shown support for a second stimulus package and is considered likely to sign off if a bill makes it to his desk.
This potential second stimulus package of 2020 is in response to the swift and steep economic downturn related to the COVID-19 coronavirus pandemic that triggered statewide stay-home orders across the country.
The main differences between the initial stimulus package, the CARES Act, and the $3 trillion HEROES Act recently passed in the House is that the latter would make more people eligible and increase payments for dependents.
Over 4 million more adults would be eligible to receive a payment under the current HEROES legislation, Forbes reports. Under the HEROES Act, undocumented immigrants who do not have a Social Security Number but do file taxes using an Individual Taxpayer Identification Number (ITIN) would be eligible for a payment. Additionally, the bill as currently written would make those people retroactively eligible to receive the initial stimulus payment under the CARES Act. The Institute On Taxation and Economic Policy estimates that ITIN filers would receive over $9.4 billion in direct economic relief.
Other than that, the HEROES Act has the same eligibility requirements as the previous stimulus.
The HEROES Act would include the same maximum payment as the CARES Act: $1,200 for individual taxpayers and $2,400 joint tax filers. However, it increases the payment for dependents from $500 to $1,200 for up to three dependents. It also makes families eligible to receive a payment for dependents over the age of 17 who are still living at home – another change from the CARES Act. A family with three or more dependents could receive a maximum of $6,000.
With many hoops yet to jump through, it’s unclear when Americans might see money from a second stimulus package.
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