Here’s how much stimulus money you’d get under the HEALS Act
Yesterday, Senate Republicans introduced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, a framework to provide Americans with additional financial assistance as they weather the economic downturn caused by the coronavirus pandemic.
The public health crisis has caused the highest unemployment rate since the Great Depression. In May, more than 100,000 small businesses closed permanently, according to a study by researchers at the University of Illinois, Harvard Business School, Harvard University and the University of Chicago.
The GOP stimulus proposal focuses on three pillars: children, jobs and health care. “This unprecedented expansion of federal assistance will help millions of workers, families, patients, businesses and governments survive this historic economic and public health crisis,” Republican U.S. Senator Chuck Grassley said in a statement. a statement. “The American people are doing their part to fight this deadly disease and the federal government must do its part as well.”
The HEALS Act, if passed, would include more than $100 billion in funding for schools, $1,200 in stimulus checks, a cut in federal unemployment benefits extended from $600 a week to up to 70% of the a worker’s previous salary, liability protections for reopening businesses, expanded guidelines for the Paycheck Protection Program and more.
Stimulus checks in the same amount as the CARES Act will be included, with one important change: While the last round of stimulus checks limited the additional $500 per dependent to children under 17, the HEALS Act will provide the $500 additional for dependents of any age.
To find out exactly how much money you will receive under this plan, see the HEALS Act Calculatorcreated by researchers Jasmine Mah and Bogna Haponiuk. Individuals can submit information such as their filing status, number of dependents, and adjusted gross income (AGI) to find out how much they would receive.
Who would be eligible for a stimulus check?
All U.S. citizens and U.S. residents with an adjusted gross income of up to $75,000 or $150,000 if married and filing jointly, who are not dependent on another taxpayer, and who have a Social Security number eligible to work, are eligible for a $1,200 stimulus check ($2,400 married). In addition, they are entitled to an additional $500 per dependent, regardless of age.
People who have no income, as well as those whose income comes entirely from benefit programs such as SSI benefits, may qualify for a stimulus check. The stimulus payment amount disappears completely once the income of single filers exceeds $99,000, the income of the household head filing with one child exceeds $146,500, or the income of joint filers without children exceeds $198,000.
What can you do to get stimulus money faster?
For the vast majority of Americans, no action on their part will be necessary to receive a stimulus check. The IRS will use a taxpayer’s 2019 tax return if filed, or their 2018 return as a secondary alternative. This includes many low-income individuals filing taxes to take advantage of the refundable earned income tax credit and child tax credit. The Treasury Department will work with the Social Security Administration, Railroad Retirement Board and Department of Veterans Affairs to automatically determine and provide direct payments to benefit recipients.
Fortunately, if this recovery plan is adopted, it could send money to Americans even faster than before. By repeating the same requirements as the first round of stimulus checks sent through the CARES Act, the IRS should make payments quickly, eliminating the need to collect additional information.
For reference, the CARES Act was signed into law two days after the Senate passed it, and the first checks were sent out two weeks later.
Can the stimulus check amount change?
Now that the HEALS Act has been introduced, negotiations with Democrats will follow before it can reach President Trump’s desk for a signature.
About two months ago and after the original CARES Act was signed into law, the Democrats proposed a $3 trillion relief package under the HEROES law. It was approved by the House of Representatives and included additional measures, such as the cancellation of student loans, federal unemployment benefits and changes to voting conditions. However, President Trump called the bill “dead on arrival.” If for some reason the stimulus check criteria changes during subsequent negotiations, here is how much money you could receive if the HEROES Act be revisited and adopted.
What else is included in the HEALS Act?
A total of approximately $1 trillion will be made available to address the impact of the coronavirus pandemic on the US economy. This also includes:
- An extension of the enhanced unemployment benefit
- A second round of PPP loans, which this time would apply to companies with fewer than 300 employees or below the Small Business Administration’s size threshold in their industry, if they can demonstrate that they have lost at least 50% of their revenue due to of the coronavirus situation. The PPP will be more generous for farmers and ranchers.
- $100 billion for an education fund to help reopen schools
- Economic incentives to boost worker retention
- Liability protections for medical workers, schools and employers
- Protection against Medicare premium spikes
- More funding for coronavirus testing and treatment
- Funding for more personal protective equipment to help first responders avoid Covid-19 infection