The IRS has already sent out one coronavirus pandemic economic relief payment to most eligible Americans, and now a second round of funding is being discussed.
President Donald Trump appears open to the idea of signing another piece of legislation that helps those hurt financially by a lack of work or the need to shelter in place, but it’s unclear when the U.S. Senate will take up the HEROES Act, which was passed by a Democrat-led coalition in the House no more than two weeks ago.
Like the CARES Act that provided the initial payments, the HEROES Act would provide up to $1,200 for single filers and $2,400 for joint filers, and it would use the same sliding wage scale that its predecessor used. The key differences are that more people would be eligible this time around under the current writing of the bill, and also anyone claiming dependents would receive money for up to three of them. Things like hazard pay for frontline workers and relief for students are on the table, too.
The Omni Calculator Project has a handy tool available where you can punch in your information to see how much you would get if the House-passed version of the HEROES Act becomes law. Can’t see the embed? Click here. Do note, as well, that ‘how many kids’ should say ‘how many dependents.’
If you’re eligible for a payment, the IRS will either send it once the legislation is approved via direct bank deposit or could go with a prepaid debit card, which is what it is doing now for some who were expecting a paper check. It speeds the payment process up, federal government officials say, but the ordinary envelope that they have been coming in have caused some to mistakenly throw it away thinking that it’s junk mail, so beware.
As for the timing related to when the legislation could pass for checks to start going out, the answer appears to be no time soon. Late summer appears to be an optimistic timeline, while early-to-mid fall seems to be much more realistic.
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May 28, 2020 at 07:35PM
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Second IRS stimulus payment: Calculate how much you’d get; debit cards could come instead of checks - PennLive
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