Lawmakers continue to debate and negotiate a new coronavirus economic relief package in Washington, D.C., and a possible deadline to come to an agreement about stimulus checks and payments, among other things, could be on the horizon.
Members of the U.S. Senate, which released the HEALS Act last week, are only scheduled to be in session until Friday, though that could be extended if Majority Leader and Kentucky Republican Mitch McConnell decides it is necessary to allow for more time to find a deal that Democrats will agree to and President Donald Trump will sign.
As of Wednesday morning, the Senate and the House, which passed the HEROES Act back in May, are still going back and forth about which parts of their respective legislation will make the final cut. Per Politico, the biggest divider at the moment appears to relate to the package’s overall price tag.
Per Politico’s Melanie Zanona:
“It doesn’t look like an agreement is going to come together anytime soon. “They’re sticking to their position,” Senate Minority Leader Chuck Schumer said of the GOP. Meetings will continue today, but Speaker Nancy Pelosi warned Democrats on a caucus call that a deal likely won’t be reached until next week, per Heather. Pelosi also laid out all the sticking points — and there are quite a few.”
Fortunately, the inclusion of another stimulus check, payment, or prepaid debit card does not appear to be on the list of items to haggle over, as both bills include that approval for the IRS to send money to millions of Americans once Trump signs it.
Like the CARES Act that sent out the first stimulus check earlier this year, the amount eligible citizens would receive varies based on how much they make on and will be reduced, or even phased out entirely, in accordance with an adjusted gross income scale. Trump has suggested that the checks could be worth more than $1,200 for the lowest-earning single tax filers, or that they could top $2,400 for joint filers making less than $150,000, but that seems unlikely now. Instead, the biggest differences could come in two areas: How much dependents qualify for, and also who is eligible.
HEROES would pay $1,200 per dependent, while HEALS would only pay $500. Additionally, the former would make anyone with a taxpayer identification number eligible, while the latter applies only to those with a social security number.
Checks, payments, or debit cards could go out within two to three weeks of an agreement being struck. At this point, the best hope would be for money to start hitting bank accounts and mailboxes by the end of August or first week of September, assuming a deal can be struck by this time next week.
Time will tell, but in the meantime, you can see how much you would be eligible for if either bill passes as it is currently written thanks to a tool from The Omni Calculator. If you can’t see the embed below, click here.
HEALS Act Calculator
HEROES Act Calculator
The Link LonkAugust 05, 2020 at 07:20PM
https://www.pennlive.com/coronavirus/2020/08/second-stimulus-check-whats-the-latest-on-when-the-irs-could-send-more-coronavirus-money-and-how-much.html
Second stimulus check: What’s the latest on when the IRS could send more coronavirus money, and how much? - PennLive
https://news.google.com/search?q=Send&hl=en-US&gl=US&ceid=US:en
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