Second stimulus payment or check could come ‘very soon’, Trump says; How much could you get from the IRS? - PennLive

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Another coronavirus economic relief package that could provide IRS stimulus payments or checks to millions of Americans could be approved “very soon.”

President Donald Trump revealed the latest timeline update in an interview with Nexstar recently, as leaders from both parties will soon be back in Washington, D.C., to debate what the new round of funding will look like.

It continues to be unclear whether or not the U.S. Senate will attempt to simply amend the House-passed HEROES Act, which includes a second stimulus payment like the one sent out by the IRS this spring from the CARES Act, or if the Republican-controlled chamber will draft its own legislation to send back to Speaker Nancy Pelosi and the Democrat-controlled House.

Previous timelines have suggested the financial aid package could be passed by early-to-mid August.

“I think the president’s been very clear that he’s supportive of another stimulus check,” White House Chief of Staff Mark Meadows said Monday, according to Fox News 8.

“Yet at the same time, we want to make sure that we’re addressing things in a real, systemic way, whether that is making sure that the take-home check for every American is greater with a payroll-tax deduction, whether it’s making sure that we provide incentives for American manufacturing to be brought back from abroad.”

• More: ‘Desperation science’ slows the hunt for coronavirus drugs

In its current form, the HEROES Act would allow for a check, direct deposit, or prepaid debit card payment in amounts similar to that of CARES; single filers could get up to $1,200 while joint or head of household filers would be eligible for up to $2,400 based on a sliding adjustable gross income scale that gives the maximum amount to those making $70,000 or $150,000, respectively, and reduces for amounts above those until it phases some out entirely.

One major difference between CARES and HEROES is that the former made only those with a social security number eligible for a payment while the latter would also consider those with a taxpayer identification number in addition to anyone with an SSN. Additionally, up to three dependents could be claimed and receive $1,200 under HEROES, making the maximum total payout $6,000.

One final note: There is some scuttlebutt coming out of Capitol Hill that suggests Republicans might push for giving a stimulus check to only those who make less than a certain amount, perhaps $40,000 or less. It is not immediately clear, however, just how hard GOP leaders are willing to push that idea.

Using the free Omni Calculator tool embedded below, you can punch in your information and see how much a second stimulus payment could be worth to you if the HEROES Act passes as it is currently written. Can’t see the tool? Click here.

More coverage:

• Trump threatens to cut federal aid if schools don’t reopen
• Still more hand sanitizers recalled: Here’s a list of brands to avoid, according to the FDA

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