While President Donald Trump and U.S. House Speaker Nancy Pelosi are rivals, they have seemingly found common ground on the need to eventually send out a second round of coronavirus stimulus payments to millions of Americans from the IRS.
The question, however, is how will their Republican and Democratic colleagues in Congress ultimately agree on an economic relief package that will not only gain Trump’s signature but also get money to those who need it quickly?
Good luck answering that conundrum, but we do have some other insight on some frequently asked questions around potentially more money for you amid the coronavirus pandemic.
Is the second round of stimulus payments/checks guaranteed?
No, and politics are the main reason why.
While the Pelosi-led charge in the House did pass a $3 trillion spending package called the HEROES Act, it is likely to be picked apart by Republicans in the Senate, and that will slow things down.
That said, we’d say you have a better than average chance of seeing a second payment sometime this year if you saw a first.
Would I be eligible?
The HEROES Act differs in one major way from the CARES Act that provided the first stimulus funds: It makes more people eligible for more cash.
Per Forbes, over four million more Americans would be eligible to receive a payment this time around if the HEROES legislation is passed as it currently is written.
“Specifically, the CARES Act had excluded undocumented immigrants, who do not have a Social Security Number (SSN), from receiving stimulus checks. The HEROES Act would make individuals filing taxes using an Individual Taxpayer Identification Number (ITIN) eligible for stimulus relief,” Forbes writes. "Moreover, it would include a retroactive change to the CARES Act, which would allow ITIN filers to receive the initial $1,200 stimulus payment.
“The Institute On Taxation and Economic Policy (ITEP) estimates that over 4.3 million adults, as well as 3.5 million children, would benefit from this change in eligibility. The organization calculated that ITIN filers would receive over $9.4 billion in direct economic relief from the new economic impact payments.”
Beyond that information, the same eligibility info as last time will apply this time.
How much would I get?
For most, it would be the same amount: Up to $1,200 for single filers and up to $2,400 for married filers based on the amount they make between $75,000-$99,000 for the single filers and $150,000-$198,000 for the married filers.
However, some would see increases in the amount they receive. As CNBC explains:
"The proposed legislation calls for another round of $1,200 payments with the same income requirements used in the CARES Act. But it increases the money for dependents to $1,200 each for a maximum of three. That brings a family’s total payment to as much as $6,000.
“The legislation also seeks to make more people eligible for financial help. That would include non-U.S. citizens and dependents ages 17 and above.”
Put in other words, those with kids older than 17 who are still living at home will see more money, as will anyone with a dependent.
When would I get it?
Do you have a crystal ball?
You’ll need it to figure out this answer, as national media reports have yet to signal whether or not the Senate will even debate or amend the bill in May. Instead, the other body of Congress could sit tight until June before doing so, which would obviously delay any bill from reaching Trump’s desk.
Additionally, some people have not even received their first payment yet despite being eligible for one. A second payment not being ready until at least the fall, then, seems realistic.
More coronavirus coverage:
- Study finds 3 clues in blood that could determine your chances of dying from coronavirus more than a week in advance: report
- Gov. Wolf plans to veto a bill to reopen real estate throughout Pennsylvania
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Second economic stimulus payment: Who’s eligible, how much would you get from the IRS, and when? - PennLive
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