Second stimulus check: how much of HEALS Act $1,200 do I get?
With the Health, Economic Assistance, Liability Protection and Schools Act now in discussion, many Americans are keen to know how much they could be due.
We finally have the Republican’s HEALS Act on the table. Is it going to pass in its current format - considering it varies in a number of key ways from the Democrat-led HEROES Act - is unlikely, although it is a starting point for the negotiations that will ultimately provide a much-needed bill. And one of those elements expected to be signed off is the direct payment to millions of American households struggling with the financial impacts of the coronavirus pandemic.
Second stimulus check of $1,200
The amount of the Economic Impact Payment (EIP) stipulated in the HEALS Act matches the $1,200 that was in the CARES Act agreed back in March. But a question on many citizens’ lips is how much of that will they get and who is included in related payments. This will be nailed down over the coming days as the discussions continue.
One thing we can be fairly sure of is that the increased inclusion around dependents will be a welcome part of the new bill. Only those under 17 were included as part of the dependents group in the CARES Act, completely missing out students. Now age will not be considered for the group where $500 can be claimed per person, up to a maximum of three. This is believed to add as many as 26 million further payments.
How much you receive of the $1,200 will be derived from the adjusted gross income of your 2019 taxes. The full $1,200 would be sent out to individuals who earn less than $75,000 a year, while joint tax filers on under $150,000 would receive $2,400. Checks for a steadily smaller amount would again be made available to higher earners, up to a final income limit of $99,000 for individuals and $198,000 for joint filers. Check out the following useful calculator to see what you could be due assuming no changes to this part of the proposal.
In terms of when we’ll find out what bill is signed into law, the perceived deadline is 7 August, when the summer recess kicks in.