The fate of a second IRS stimulus check, payment, or debit card could be decided by the end of the month.
Senate Majority Leader and Republican Mitch McConnell said if the HEROES Act is passed to provide another round of payments directly to eligible citizens because of the coronavirus pandemic, it will be the last one, according to Forbes.
McConnell also has suggested that the legislation could be tweaked from the form that passed the U.S. House after a push from Speaker Nancy Pelosi and Democrats in that legislative body. That said, it sounds as if a proposal will eventually move forward to help out the Americans who need the money the most.
In its current form, the HEROES Act would pay the same amount of money to people who make a certain amount below or between a particular threshold as the CARES Act did.
The maximum payment for single or married filers with no dependents will still be $1,200 for the former and $2,400 for the latter
One key change between the HEROES Act and CARES Act is who would be eligible to receive the money.
“There are a few key differences from the first round, though,” CNBC writes.
“For one, a maximum of three dependents, regardless of age, would also get $1,200. The first round of stimulus checks excluded adult dependents, including many college students. Additionally, immigrants with taxpayer identification numbers (TINs) would also be eligible for a payment this time around.”
You can find out how much you would be eligible for by using the free Omni Calculator tool embedded below. It’s also located on their site here.
If a decision will be made on whether or not a second coronavirus pandemic economic relief package will reach President Donald Trump’s desk in about a month, then it stands to reason that the best-case scenario for those hoping to receive money is late July or early August with the worst case being early fall before the new money goes out.
It is an election year, however, and many experts believe that could bode well for citizens who want or need politicians to make a deal.
“Stimulus checks will be increasingly attractive to politicians when it becomes apparent that many unemployed people will be losing their houses or going hungry if they do not get direct relief,” Larry Harris, a finance professor at the University of Southern California Marshall School of Business, told CNBC.
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