Here is a stimulus check 2 update. The search engines have been bombarded with a series of questions like; will there be a second stimulus check for Americans? Is stimulus check 2 approved? Will there be another stimulus check in June? Well, we will address all of that here.
Would there be a second stimulus check?
Some of you might also be wondering if there is going to be a second stimulus check, and if so, when would you receive it.
Stimulus Check 2020 Second Wave
The House of Representatives passed the HEROES Act, the latest stimulus bill in response to the coronavirus outbreak, on Friday. Championed by its supporters as a way to help people impacted by the pandemic, one provision in the bill is economic impact payments, commonly referred to as stimulus checks.
Like in the CARES Act, a $2 trillion stimulus package that passed in March, to receive the full amount of $1,200, an individual must have a modified adjusted gross income of $75,000 or less. In the case of a head of household filing, that income cap increases to $112,500 and is further increased to $150,000 for those filing joint returns. People filing joint returns can receive up to $2,400.
Under the HEROES Act, people are more likely to see an increase in the payment they receive, but it is possible some could see a decrease depending on the number of children they claimed the first time around. It allows a person to receive an additional $1,200 for each dependent, with a cap of three dependents. The CARES Act allowed for an additional payment of $500 but did not cap the number of children that a person could claim.
Under the CARES Act, $500 payments were limited to qualifying children under the Child Tax Credit, according to Senator Chuck Grassley. Among other qualifications, it requires that a person is under 17 years old.
The HEROES Act allows for dependents as defined in section 152 of the Internal Revenue Code of 1986, which includes children as well as other family members. It also allows for students under the age of 24 to be claimed as dependents.
2nd Stimulus Check Update – 2nd stimulus check release date
Economic stimulus checks are prepared for printing at the Philadelphia Financial Center on May 8 in Philadelphia. The House of Representatives passed the HEROES Act on Friday, which would allow for a second round of economic impact payments, although the amount a person receives may be different from the first time around.
Seeing a second stimulus check hit bank accounts is far from guaranteed. While it narrowly passed the House by 208 votes in favor of 199 against, the bill is facing an uphill battle on Capitol Hill. Some legislators have called for a pause on additional stimulus packages until they can evaluate the full impact of the CARES Act. Others have criticized the bill for including provisions unrelated to the coronavirus pandemic.
Senate Majority Leader Mitch McConnell criticized the legislation for being a “1,800-page seasonal catalog of left-wing oddities” masquerading as a coronavirus relief bill. He targeted provisions in the bill for election security, stimulus checks to undocumented immigrants who weren’t eligible under the CARES Act, and protection for banks that service marijuana businesses.
Only one Republican, Representative Peter King of New York, voted in favor of the HEROES Act on Friday, and in a Republican-controlled Senate, the bill is unlikely to pass in its current form. It’s not on the Senate calendar and if there were to be a vote, Senate Majority Whip John Thune told Politico it wouldn’t happen until after Memorial Day.
In its current form, it’s unlikely to get a signature from President Donald Trump, who told reporters Wednesday it was “dead on arrival.” Still, it’s possible that the bill could be used as a “negotiating starting point,” as Representative Stephanie Murphy of Florida told Politico. King also noted during an interview with Fox News that his Republican counterparts in the Senate could work with the bill by “stripping out what they believe doesn’t belong there.”
By May 8, the Internal Revenue Service said it had issued payments from the CARES Act to about 130 million people. Individuals who hadn’t received their money had until May 13 to provide direct deposit information before they were forced to receive a paper check, a move that would delay payments.
The first stimulus check
To blunt the economic destruction from the pandemic, Congress passed and President Trump signed the CARES Act into law on 27th March 2020. The $2.2 trillion CARES Act is the largest stimulus package in history and provides economic relief to hospitals, businesses, the unemployed, and the public. Of the $2.2 trillion stimulus package, an estimated $290 billion would go into the stimulus checks.
Individual taxpayers can get up to $1,200 while married couples can filing jointly can get up to $2,400. Parents can also get an additional $500 per qualifying child for their stimulus check.
Will There Be Another Stimulus Check Coming
For those asking; will there be a second stimulus check from the government? Representatives Tim Ryan and Ro Khanna introduced the Emergency Money for the People Act to give Americans who are 16 years old and above a $2,000 stimulus check each month for the next six to twelve months.
When will the Second Stimulus Check be Issued
President Donald Trump has also said that the second round of stimulus checks was ‘absolutely under serious consideration.’ in a press briefing on 7th April 2020.
House Speaker Nancy Pelosi has also pushed for another $800 billion stimulus package on 5th May 2020. While that’s significantly lesser than the first $2.2 trillion stimulus package, having something is better than nothing especially in these times. So, for now, there is no certain second stimulus check date.
Who is Eligible to get Second Stimulus Check
Every American at the moment.