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Home / Tips and Tricks / A second stimulus check for $ 1,200 will not be done immediately. What we know about round 2

A second stimulus check for $ 1,200 will not be done immediately. What we know about round 2



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The Senate has proposed a second round of economic stimulus payments.


Angela Lang / CNET

For the latest news and information about the coronavirus pandemic, see the WHO website.

When the CARES law was first legally signed at the end of March, it initiated the first round of economic economic reviews for up to USD 1,200 each. It was meant to be a one-time financial boom for individuals and businesses suffering from the economic impact of the coronavirus pandemic . But now, with rising unemployment and an emerging global recession Congress is considering a second wave of aid that could include an additional round of payments of up to $ 1,200 and other benefits for families, businesses, and . those who are unemployed .

Leaders of both parties' congress will argue about what another financial package would look like. A draft law, the Heroes Act, has already been passed by the democratically led House of Representatives. It's worth $ 3 trillion in total, 50% more than the first $ 2 trillion package. The aid package is now in front of the Republican-dominated Senate, which has ended its current break for an extended holiday on Memorial Day and has not voted on the proposed legislation.

So what's the bill about and what's happening now? We'll outline how much money the Heroes Act proposes, common arguments for and against the proposed bill, and what you can expect in the coming weeks.

This story is often updated with new information and is intended to provide an overview of the situation. If you are waiting for your money, you can track the status of your stimulus check with the IRS see some possible reasons why you still don't have a check and use a free USPS service for to see when your check will arrive in the mail .

Has the IRS finished sending out the first wave of stimulus checks?

The IRS has distributed most of the relief checks to go with the last several million. If you haven't received your money yet, here are 10 possible reasons for a delay . If you are concerned that you should receive your check and not, do the following .

The Purpose of a Second Stimulus Check

The goal of a second stimulus round is the same as the first: To prevent a shaky US economy from collapsing. And the pressure rises. Last week, the US Bureau of Labor Statistics reported in its monthly assessment that 38.6 million Americans had applied for unemployment benefits (PDF) in the past 10 weeks. That number is now up to 42 million people, reports CBS News.

Earlier this month, White House economic advisor Kevin Hassett predicted unemployment could reach 20% "by June". This already seems to be the case for Nevada, Hawaii, and Michigan. During a Senate hearing, Federal Reserve Chairman Jerome Powell called for additional economic relief. And earlier this month, the International Monetary Fund predicted a deep global recession that could be the worst since the Great Depression.

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Angela Lang / CNET

Will the Senate likely pass the Heroes Act?

The Senate, which is currently in the break, has reportedly left without putting the Heroes Act on the agenda. So it is not certain what will happen (more on this below). However, the recoil to the Heroes Act is already strong among members of the Republican-controlled Senate. Senate majority leader Mitch McConnell said the law would not be passed as it is.

Possible results are the conversion to another aid package through bipartisan negotiations. It could also fail if a new proposal takes its place. Or it could dissolve completely until a future proposal appears and the process starts again.

The White House has stated that it would support a second stimulus test, according to CNBC, despite Trump calling the Heroes Act "DOA".

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Stimulus Check of the Heroes Act: How much money could you get?

The Heroes Act contains a number of benefits, including a second direct payment to individuals and households of up to $ 1,200 per family member sheet of the House Appropriations Committee (PDF). Here are some breakdowns.

Individuals : Under the proposed law, an eligible person would receive $ 1,200 if their adjusted gross income or AGI from their tax return for 2019 or 2018 (if you [19459016)] did not file any taxes yet ) was less than $ 75,000. As with the current stimulus package payments would gradually decrease with increasing AGI. A table by the Congressional Research Service shows the proposed payments by income (PDF).

Children and dependent people : Each dependent person would qualify for a $ 1,200 payment. These include students, children over the age of 17, disabled relatives and parents of a taxpayer. This detail differs from the previous CARES law, which provided a $ 500 payment only for children under 16 years of age. According to the bill (PDF), relatives would receive retroactive payments to compensate for the handover in the first stimulus package.

Families : Households would be entitled to a maximum total payment of $ 6,000, limited to five family members at $ 1,200 each. Your payment allowance would gradually decrease if you exceeded an AGI of $ 150,000 for married couples or $ 112,500 for household directors.

Non-Citizens: To qualify for a current CARES payment According to the law, US citizens must have a social security number. With the Heroes Act, those without a social security number could instead use an individual tax identification number that enables non-citizens to qualify for a payment. As with the dependent person provision, people who qualify for this category would receive retroactive payments from the first stimulus package.

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The hope is that a second stimulus test would help keep individuals and small businesses solvent.


Angela Lang / CNET

What else does the Heroes Act propose?

The Heroes Act, officially the Omnibus Emergency Solutions Act for Health and Economic Recovery, contains a handful of additional measures to support individuals and businesses.

Unemployment benefit: The law would transfer the law Currently increased unemployment benefit from $ 600 a week (in addition to the typical unemployment benefits of the states) until January 2021.

Protection of wages Payroll: The Heroes Act would expand employee retention tax credit to help employers keep workers on the payroll.

Funds for Key Workers: According to the law, state and local governments would receive $ 1 trillion to threaten salaries for first-aiders, healthcare workers, teachers, and other key workers pay to lose their jobs. The bill would also fund hazard payments for workers with high-risk jobs.

Coronavirus testing, tracing and treatment: The bill would include $ 75 billion to provide extended testing and [1945916] contact tracking .

Support for businesses: The bill would support the wage and salary protection plan, which helps small businesses with payroll, and provide additional funds to the US Postal Service.

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Despite the opening of some companies, the United States has an unemployment rate of 17.2%.


Angela Lang / CNET

Arguments for and against a second economic stimulus program

Since the law is being transferred from the House of Representatives to the Senate for debate, some arguments are listed on both sides of the discussion.

What supporters of the Heroes Act say: Since mid-March, more than 38 million US workers who have lost their jobs have applied for unemployment. The actual number of unemployed could be millions more, according to the Economic Policy Institute, since many eligible people were unable to apply for unemployment. With the loss of jobs, the country's unemployment rate reached 17.2%, according to the US Department of Labor (PDF). Newly unemployed people and others who are economically affected by the pandemic would benefit if they could now spend more money.

What Opponents of the Heroes Act Say: Some in Washington, including McConnell, question whether previous relief efforts have achieved their goals and want to focus on short-term economic measures. McConnell and others were also concerned about how additional stimulus packages will increase the historic federal deficit. Because this payment is available in addition to regular unemployment benefits and the increased weekly unemployment benefit of $ 600, some critics fear that it will be harder to reduce unemployment if people have no incentive to return to work.

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For In many cases the stimulus check helps with the payment of rent and food.


Sarah Tew / CNET

What does it take for a second stimulus test?

It is clear that a second stimulus test will not take place immediately. The Senate's plans for the Heroes Act are unclear, although NBC News suggests that negotiations could take place in June.

It is generally believed that Republicans reject the law in whole or in part and may collaborate with The White House on their own stimulus package. McConnell said that more help may be needed, but it can take a different form than the proposed bill – and one that is worth less than a third of the proposal. Congress is also working to make it easier to lend to small businesses that are part of the CARES law passed in March.

To receive a second stimulus check, every new coronavirus bailout package that passes both the house and the Senate would have to be signed by President Trump before it can take effect. The IRS now has a system for organizing and distributing these checks.

We will update this story with new information as it arises. While the future of a second stimulus package is still pending, we'd like to share the resources available on Unemployment Insurance What You Can Do If You Lose Your Job What You Need to Know About Evictions and late car payments should know and how you can take control of your budget .


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