Updated July 28, 2020 / Zack Friedman, Contributor
Senate Republicans unveiled their stimulus package proposal today.
Here’s what you need to know — and what’s inside.
New Stimulus: Heals Act
Senate Republicans today announced the Heals Act (Health, Economic Assistance Liability Protection & Schools Act), a ~$1 trillion stimulus package proposal as a follow up to the Cares Act and a response to the Heroes Act, which House Democrats passed as a $3 trillion stimulus plan. Senate Majority Leader Mitch McConnell (R-KY) and several Republicans senators spoke on the Senate floor today to discuss the proposed legislation, which may be introduced through multiple bills. Here are some highlights about what’s inside (although there are many more provisions):
$1,200 Second stimulus checks
As expected, Senate Republicans propose a one-time, $1,200 stimulus check. As Treasury Secretary Steven Mnuchin indicated last week, the requirements to receive the second stimulus check will be the same as the first stimulus check under the Cares Act, which was the $2.2 trillion stimulus package in March. So, if you received a first stimulus check, then you would receive a second stimulus check under the Republican plan.
Who is eligible for a second stimulus check?
Under the Republican proposal, based on the first stimulus check, second stimulus checks (or Economic Impact Payments) would work like this:
- $1,200 for each individual;
- $2,400 for married/joint filers;
- $500 for dependents (no age cap, which helps adult dependents).
- If you earned less than $75,000 (individuals) or $150,000 (married/joint filers), you would receive a $1,200 second stimulus check.
- Like the first stimulus check, the second stimulus check will be reduced by $5 for every $100 of adjusted gross income above those income limits until $99,000 of adjusted gross income for individuals and $198,000 for married/joint filers.