Amid soaring coronavirus rates and a sinking economy, the U.S. House of Representatives passed The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which includes a second round of stimulus checks to provide coronavirus relief.
Below is a projected timeline based on October 13th passage of the coronavirus relief package:
The relief bill also proposes bringing back the additional $600 per week in unemployment benefits. A provision that was included in the CARES Act back in May.
There is large bi-partisan support for this bill and both sides are working hard to reach an agreement as soon as possible. As of now it looks like some Americans will be receiving their second round of stimulus checks before the beginning of November.
The 10 Things You Need To Know About The Second Stimulus Bill:
1. It Passed In The House of Representatives
The proposal for a second round of stimulus checks passed in the House 214 to 207, with 18 Democrats joining Republicans in opposition to the bill.
2. Nancy Pelosi And Steven Mnuchin Agree This Needs To Get Done
House Speaker Nancy Pelosi is still working with Treasury Secretary Steven Mnuchin. Steven Mnuchin is the lead White House negotiator, him and Nancy Pelosi will need to work together to nail down a bi-partisan deal to coordinate with the Senate amendments.
3. Currently Mitch McConnell Says He Will Be Opposed To The Current Bill
The coronavirus relief package will not become law unless the House reconciles it with Senate bill. Senate Majority Leader Mitch McConnell has vowed to oppose the bill in its current form.
4. President Trump Will Need To Sign Off On The Bill
Being that this is an executive order, President Trump will have to sign off on the bill in the end. The President, who is currently hospitalized with coronavirus, has already showed his support of the bill.
President Trump’s signature is the least of the obstacles facing a second round of stimulus checks being approved.
5. How Much Will The Second Round Of Stimulus Checks be?
If the bill passes, the stimulus check amounts will be:
- $1,200 to individual taxpayers with incomes of up to $75,000
- $2,400 to married taxpayers with incomes of up to $150,000
- Taxpayers would see their payments reduced if they earn above those limits, phasing out completely at $99,000 for single taxpayers and $198,000 for married couples.
6. The New Proposed Bill Is Less Expensive
The bill shaved $1.2 trillion from the original $3.4 trillion stimulus bill that Democrats pushed through the House in May.
This decrease in needed federal funds will give the bill a higher chance of passing the second round of stimulus checks in the Senate.
7. Dependents Will Also Be Paid In The Second Round Of Stimulus Checks
Unlike the April 2020 law, the updated coronavirus relief bill provides a $500 payment for all dependents, regardless of age. Previously, dependents under 17 were excluded, eliminating many high school and college students.
8. The New Stimulus Bill Will Also Restore $600 Extra In Weekly Unemployment
The stimulus bill would also restore $600 in extra weekly unemployment benefits which were originally directed by the CARES Act through July when they expired.
Many workers across the country have been struggling to make ends meet ever since the extra $600 was halted.
9. Time To Cut A Deal Is Running Out
Congress is slated to leave for a month-long recess at the end of this week. Pelosi has said she would hold the House in session and continue working with the administration. McConnell has said the same if the proposal gets closer to one he can agree to, which does not seem likely at this point.
10. Treasury Says Once The Bill Is Passed, First Payments Will Be Sent Out In Under A Week
If the second round of stimulus checks does pass, Mnuchin says it will take less than a week for payments to start showing up in taxpayers’ bank accounts. Similar to the previous payment, Social Security recipients will be first in line, followed by taxpayers who receive their tax refunds via direct deposit.
People who receive paper checks or Economic Impact Payment cards are at the bottom of the list.