Second stimulus check: How much money could you get?
Republicans and Democrats are working out the final details of the fourth and final stimulus relief package with a deadline of 7 August looming, though that could be extended.
Today is, in principle, the last day for Congress to come up with the fourth and final stimulus relief package to give a boost to the hard-hit American economy amid the coronavirus pandemic. So far there are three formal bills on the table being discussed, but what is not clear is if Republicans and Democrats can come to an agreement.
Must read: Trump executive orders: is a second stimulus check coming?
HEROES Act
This was the first bill that was proposed back in May and it went through the House of Representatives, but since it is a Democrat-drafted bill the Republicans called it ‘Dead on Arrival.’ Under this bill eligible individuals (determined by Adjusted Gross Earnings) would receive a second stimulus check worth $1,200 and families $2,400. Also this bill would have given families an additional $1,200 for each independent, with a maximum total of a payment of $6,000.
HEALS Act
This is a Republican drafted bill that was introduced towards the end of July and among other measures it will give the same amount of money as the HEROES Act to families and individuals. The only difference is that families will only get $500 for each dependent.
The third proposal
The Coronavirus Assistance for American Families Act is another Republican-drafted bill that was introduced last week. This is focused mainly to help families. Under this bill each individual will get $1000 and the same amount of money would be available for dependents.