A second wave of coronavirus relief checks is on the table for 2020. If the measure passes, it will put extra IRS stimulus money in your pocket.
Is there going to be a second stimulus?
There is probably going to be a second stimulus of 1,200$ given to residents to help stabilize the US economy.
This new proposal was passed last week by the Democrat-led House of Representatives and now subject to review by the Senate. However, some are concerned about the US economy and people’s ability to afford basic needs.
38.6 million Americans sought unemployment benefits in the past nine weeks. The International Monetary Fund warns of a deep global recession.
Furthermore, receiving a second stimulus has some adversaries.
Even if it succeeds, negotiations with a Republican-majority Senate are likely.
The White House has signaled it would support a second stimulus check of some sort. Meanwhile, the IRS will finish delivering the initial round of economic relief checks in June.
How much money people will get
The new proposed legislation, Heroes Act, is worth $3 trillion.
It includes a wide range of benefits, such as a second direct payment to individuals and households of up to $1,200 per family member.
The cap of $6,000 per household is higher than the first stimulus round. Additionally it would raise the allowance per dependent from $500 to $1,200, with a maximum claim of three dependents.
You would also be able to claim children 17 and older.
It proposes that group of dependants and eligible noncitizens receive retroactive payments to compensate for the first stimulus check that passed them by.
Moreover, it would carry over the current enhanced unemployment benefit of $600 per week.
The whole purpose of the second stimulus is to put money in people’s pockets who lost their jobs.
On the other hand, some are questioning this measure. Some say that it will be harder to reduce unemployment if people are unmotivated to go back to work.
It is not clear when the Senate will make a decision on the Heroes Act.
It is believed that Republicans will continue to push back against the bill and may work with The White House on their own stimulus package.
Any second stimulus package that passes both the House and the Senate would still need a signature from President Trump before it could take effect.