Senate Republicans released a roughly $1 trillion coronavirus relief bill proposal Monday. The Health Care Economic Assistance Liability Protection and Schools or HEALS Act sets off negotiations to reconcile with House Democrats’ $3 trillion proposal.
One item that is consistent in both proposals: Economic Impact Payments, commonly known as stimulus checks.
The stimulus bill – the fifth since the pandemic began in March – is likely the last economic rescue package before the November election.
How much would another stimulus check be?
Another round of $1,200 checks for individuals and $2,400 for couples, are included in the HEALS Act, similar to the CARES Act.
The proposal from Senate Republicans will include the additional $500 for each dependent, and will be expanded from just children to cover dependents of any age.
When could I get another stimulus check?
The speed of which Americans could get this Economic Impact Payment depends on Senate Republicans negotiations with House Democrats. However, Treasury Secretary Steve Mnuchin said he wants to finalize legislation by July 31.
The Treasury said on early June that approximately 159 million payments have been sent to Americans – falling short of the estimated 171 million stimulus checks in total to be distributed. Since then, less than 1.5 million payments have been sent.
Who could qualify for this stimulus check?
The income criteria for the next round of economic impact payments would be the same as stipulated under the CARES Act. Under the HEALS Act, full payments would be made to individuals with up to $75,000 in adjusted gross income, or $150,000 for married couples who filed their taxes jointly.
The Internal Revenue Service will make the assessment from the latest filed tax returns. Those who did not file taxes for 2018 or 2019, they can still submit their payment information to the IRS
