There could be a second stimulus check coming soon, but people are still unsure about when those payments could arrive, and if they’ll still qualify. While not all information has been disclosed, we have enough to ascertain a few facts.
The stimulus check has been vital for many families across the country as we deal with the devastating COVID-19 pandemic. It’s helped them get through the tough months financially.
We’re going to provide an overview of what we know about the second stimulus check that is supposed to arrive sometime soon. Read on for more.
When Will The Second Check Arrive?
The second stimulus check could arrive as early as August. Currently, the aim is to approve the next round of stimulus checks before August 7th, but this date is subject to change.
The Senate has not been scheduled to return from the two-week summer recess that it is currently on until the 20th of July, so you shouldn’t expect a package before then. As the virus continues to spread among more people in each state, largely due to negligence, the economy will continue to be impacted by the pandemic.
Qualifying for the Stimulus Check 2
Single taxpayers who make under $75 000 annually and married taxpayers that make under $150 000 annually will qualify for the entire $1 200 check, starting to phase out as income returns to normal. Taxpayers that are single and earn over $99 000 and married taxpayers that earn over $198 000 will not receive payment.
The Cares Act offers only $500 for dependents that are 16 years and younger. However, the Heroes Act, which is still pending, aims to increase that number to $1 200 each child, to a maximum of $6 000 per family.
The Heroes Act also offers $1 200 to dependents who are older than 16 - individuals that were previously excluded under the Cares Act.
Immigrants that have taxpayer-identification numbers can also expect to receive the second check. The first round of checks went out to taxpayers with Social Security numbers but were not given to those who used taxpayer ID numbers.
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Those Who Don’t Qualify
According to the current Heroes Act, single and married taxpayers earning above the specified amounts will not qualify for a second stimulus check. However, as the legislation moves forward, the limits may change.
Since the stimulus benefits are capped at $6 000 per family, families with more than five members should not expect to receive more than that. You will still receive the additional cash for each dependent, but you will only receive a maximum of $6 000.
If you were excluded from the CARES Act in the first round, you may also be excluded from this second round of stimulus checks.
How Much Will You Get?
Each member of a household receives $1 200 under the Heroes Act, including children, with a maximum of $6 000 for each family. This means that a family with four members, two children younger than 17, and two adults who received $3 400 from the first check, will receive $4 800 from the new Heroes Act.
If you want to get a more precise estimate of how much you could receive from the second stimulus check, be sure to look at the Heroes Act calculator. It will provide you with an estimate based on some information you provide.
Why We Need a Second Stimulus Check
While some individuals are faring better now with more states reopening, $1,200 may not suffice to cover the expenses faced by those who have lost their jobs. The rate of lost jobs is slowing down, 43 million people have filed for unemployment, a record in US history.
The second stimulus check will help these people get through the coming months and will help them cover the necessary expenses to keep a roof over their heads.
Summary
We hope that you’ve found this article somewhat helpful. Remember, we’re still fighting through this pandemic, and it’s more important now that you wear your facemask than it ever has been.
