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Lawmakers are entering heavy discussions about what should be included in the latest legislation to boost the economy during the pandemic. One of the most closely followed potential provisions is another round of economic impact payments, also referred to as stimulus checks.
Both the House and Senate have come up with numerous proposals, but the full Congress has passed no legislation, and the president has not signed anything into law. Yet, it’s still worth knowing what could potentially be passed.
How much could you get across four of the key proposals?
Use this second stimulus check calculator to determine how much money you would receive if one of the acts is signed into law.
Calculate Your Stimulus Payment
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1. *Calculations are estimates based on public statements by Senate Majority Leader Mitchell McConnell (R-KY) and follow the same original check amounts and phaseout amounts under current law of the CARES Act. 2. *Calculations are based on details released in the HEROES Act (H.R. 6800). 3. *Calculations are based on details provided in the Monthly Economic Crisis Support Act (S.3784). 4. *Calculations are based on details provided in the Emergency Money for the People Act (H.R. 6496).
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There technically isn’t a deadline for when the stimulus package needs to pass, but Congress is set to adjourn for a month-long recess on Aug. 7. Both Democrats and Republicans have expressed a sense of urgency in passing the next stimulus package before then.
What is the 40K Income Cap Stimulus Check Proposal?
Senate Majority Leader Mitch McConnell has expressed support for sending the next round of stimulus payments to people who make $40,000 per year or less. Proposal details are still emerging, but it appears lower-income Americans would be prioritized more than they were with the CARES Act.
What is the The HEROES Act Stimulus Proposal?
Among the act’s many provisions are providing an additional one-time stimulus payment to Americans in response to the coronavirus pandemic.
The $3 trillion HEROES Act proposal would follow the stimulus payment amounts and income thresholds passed in the CARES Act, but it provides additional money for up to three dependents. For example, the HEROES Act would provide $1,200 per qualifying child; the CARES Act provided only an additional $500.
The House of Representatives passed the HEROES Act in May as a second stimulus package, but it has not passed the Senate. The act awaits a Senate vote and would require a signature from the president to be passed into law.
What is the Monthly Economic Crisis Support Act?
Sens. Kamala D. Harris (D-CA), Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY) and Ed Markey (D-MA) have proposed the Monthly Economic Crisis Support Act to provide monthly stimulus payments to Americans in response to COVID-19.
The proposal would provide a lump-sum payment retroactive to March 2020, followed by monthly payments that would continue until three months after the secretary of Health and Human Services declares the coronavirus public health emergency has ended. Individuals who qualify will receive $2,000, and married couples filing jointly will receive $4,000 per month.
What is the Emergency Money for the People Act?
Rep. Tim Ryan (D-OH) has proposed the Emergency Money for the People Act to provide monthly stimulus payments to Americans for 12 months in response to the coronavirus pandemic. Individuals would receive $2,000 each month, and married couples filing joint returns would receive $4,000 each month. Each dependent child would receive $500, up to three children. This proposal would provide payment to both U.S. citizens and individuals who are not citizens or residents but have been physically present in the U.S. since Jan. 27, 2020.
Will I have to pay taxes on these payments?
Previous stimulus payments have not been taxed, and it’s unlikely these will be taxed, too.
Second Stimulus Check Proposals (Individual Calculators)
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I'm a Personal Finance Reporter for Forbes Advisor. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. I've been featured as a personal finance expert in outlets like CNBC, Yahoo! Finance, CBS News Radio and more. When I'm not digging up the best ways to manage your money, I'm out traveling the world. Follow me on Twitter at @keywordkelly.
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