Lawmakers are still figuring out the details for another coronavirus stimulus package, but they have agreed on sending out a second round of direct coronavirus stimulus payments to those affected by the pandemic.
How much will the payments be? Who will get the payments? And when will the checks roll out? Read further for all the details.
How much will the payments be?
It is almost certain that the next stimulus checks will be around $1,200 for eligible recipients, similar to the CARES Act. Chuck Grassley, the Senate Finance Committee Chairman introduced the new pandemic relief legislation that says eligible Americans could get up to $1,200. However, unlike the CARES Act, which gave out additional $500 for each dependent child under 17, the proposed legislation allows an additional $500 to be provided to recipients with dependents of any age. Also Read– President Trump acknowledges “big flare up” of COVID-19 cases
Who will qualify for the payments?
Under the CARES Act, taxpayers who had an income less than $75,000 last year could qualify for an expected payment of $1,200. Married taxpayers who jointly had an income less than $150,000 would get $2,400. Parents also get an additional $500 for each child under the age of 17.
For higher earners, the payment amount recipients were eligible for was reduced by 5 percent of the amount that adjusted gross income exceeded $75,000 (or $112,500 for taxpayers filing as head of household and $150,000 for taxpayers filing a joint return) until it reached $0.
When Could the Next Round of Stimulus Checks Go Out?
Sen. McConnell has indicated he wants to vote on additional stimulus relief before Congress goes on recess again in August. That would give lawmakers around two weeks to debate and pass the final legislation. The legislation will need to be passed by both the Senate and the House of Representatives.