Second round of help with coronavirus: who and how much can get

Passing another federal coronavirus relief bill of any kind will require Congress to work together in the months leading up to the presidential election. It's not impossible - unusual times can bring the two parties together, as they did earlier this year. But passing such a regulation would be no small feat. Writes about this Money Talks News.

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In mid-May, the House of Representatives passed a bill that included a second round of federal coronavirus relief payments, the Health and Economic Recovery Emergency Solutions Act, or HEROES Act. But the Senate has yet to vote on it and either pass the $3,4 trillion project or propose its own alternative.

What will happen and who will receive the money if the HEROES Law is adopted.

How much money will taxpayers get?

In accordance with the HEROES Act, aid amounts will be on average higher than in accordance with the CARES Act adopted earlier.

According to CARES, assistance was $ 1 for each eligible taxpayer and $ 200 for each eligible dependent, while HEROES would give $ 500 for each taxpayer and $ 1 for dependent (maximum for three dependents).

The average payout under the HEROES Act will be $ 2 compared to the average payout under the CARES Law $ 170.

Who will get the money?

Such categories will be eligible for another check.

1. People who earn less than a certain amount

HEROES uses the same income thresholds as CARES:

• $ 150 for couples
• $ 112 for a person who contains dependents
• $ 75 for a single taxpayer

If you earn an amount in excess of the above, you will receive an incomplete payment or you will not receive a payment at all.

2. Pensioners

As with CARES payments, HEROES payments will be available to social security recipients and people who don’t earn enough money to file a federal tax return, provided that they are eligible for payments.

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This means that retirees can receive a second payment.

3. Resident aliens

Only people with a social security number are eligible for benefits under the CARES Act. But those with an individual taxpayer identification number, or ITIN, will now be eligible for assistance under the HEROES Act.

This means that a greater number of foreigners living in the country will use their right to receive financial assistance in connection with the coronavirus.

For example, resident aliens who are not eligible for a social security number but have an ITIN number could not receive payments under the CARES Act, but will receive them under the HEROES Act.

4. More dependents

Not only can dependents claim higher amounts, but now more dependents can get paid.

“Under the CARES Act, a household could receive an additional $500 for each child, defined as a child under age 17. This excluded 17-year-old children, college students who may still be dependents, and other dependents such as elderly parents. In contrast, the HEROES Act would provide an additional $1 to all dependents (up to three per household),” the American Enterprise Institute said.

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