THE second wave of stimulus checks could arrive to Americans by early fall, as the Senate Republicans unveiled their coronavirus relief plan Monday, contrary to the Democrats HEROES Act passed in May.
Under the Democrats’ HEROS Act a $1,200 direct payment will be given to Americans, the same amount for dependents regardless of age, a total of up to $6,000 per household. Although, the GOP’s HEALS Act differs.
Senate Majority Leader Mitch McConnell unveiled a draft plan for the HEALS Act with $1trillion in funding that also includes a second round of $1,200 stimulus checks to most Americans, with $500 per dependent.
However, the amount Americans get may be different from what was outlined in the $3trillion HEROES Act passed in May by the Democrat-led House.
The Democrats’ HEROES Act also includes the $1,200 for adults. Dependent, regardless of age, will also receive the same amount, contrary to the HEALS Act’s $500 per dependent.
A family of four would potentially receive $4,800 under the Democrats’ legislation, but just $3,600 under the GOP’s HEALS Act.
According to Bloomberg, the GOP’s package appears to also include adult dependents as well, whereas the first round did not include children age 17 or older.
If Congress reaches a deal by the time the session end on August 7, Americans could start seeing payments in early fall.
The first round of stimulus checks took about a month to begin arriving in people’s bank accounts after President Donald Trump signed the CARES economic relief package in March.
The money is expected to be sent via paper checks, direct deposit or debit cards, which would likely be sped up this time around after millions of Americans verified their information on the IRS “Get My Payment” site.
The IRS recently said it has paid all eligible Americans that it had enough information on for checks from the first round, for a total of $267billion.
The Senate will continue to debate the HEALS Act this week, which includes a package of separate bills to gives Congress the option of passing parts of the agenda now and others later.
The legislation includes a proposed extended pandemic unemployment assistance at a lower rate of $200 per week extra instead of the $600 Americans have been receiving from April to July.
$150billion in education funding for schools, liability protections for businesses from coronavirus-related lawsuits, extending the Paycheck Protection Program of forgivable small-business loans.
$20billion in farm aid, $1.75billion for a new FBI headquarters in Washington D.C and tax breaks for businesses with increased costs due to PPE, testing and other precautions.
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