President Trump told reporters his administration will be “asking for additional stimulus money” for Americans during a press conference last week. The president’s economic adviser Kevin Hassett told the Wall Street Journal that the odds of another stimulus package “are very, very high.” Despite showing support for another round of stimulus checks, the president and his economic advisor didn’t go into much detail about them. Their statements, however, raised questions about how much money from the second stimulus package will be dispersed to Americans.
With promising reports that a second round of stimulus checks will happen, Americans must wait until the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act is passed in the Senate to find out for sure. If the HEROES Act does get passed, many Americans are wondering if they will qualify for this next round of relief money. Here’s what you need to know.
The good news about HEROES is that it’s quite similar to the original COVID-19 stimulus package that passed back in March. If you received a stimulus check the first time around, you will most likely be receiving one again in the second round. According to CBS News, HEROES sets the same income limits to get a check as the first stimulus package. Single taxpayers with maximum adjusted gross income of $75,000 will be eligible for a second stimulus check, as well as married couples who file their taxes jointly with a total household income of no more than $150,000.
This round of stimulus checks will also expand payments for families with children or dependents. While the original round of stimulus checks only provided $500 per child, it’s reported that the HEROES Act will disperse payments of $1,200 per child. 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 for relief payments this time around, as well.
The HEROES Act will reportedly provide a stimulus check to American citizens who are married to immigrants without a Social Security number, according to CBS News. They did not receive relief checks under the first stimulus package. The HEROES Act will disperse payments to tax filers with a valid tax ID number this time instead of a Social Security number, which means more resident aliens may qualify for the next round of payments.
So, that leaves the final question—who won’t get another check if the HEROES Act passes the Senate? The short answer is wealthier Americans with incomes over the aid limit. There will be exceptions, of course, including those that have children and dependents claimed on their tax returns. Just as it was with the first round of stimulus checks, the cut off will be $98,000 for single taxpayers and $199,000 for married couples. Also, families with children and/or dependents will only be able to receive a maximum of three payments even if they have more children/dependents than that.
For now, though, the HEROES Act is yet to be passed. It’s likely that a decision will be made by the Senate some time in July.