From jobs to savings to retirement plans, the coronavirus epidemic has affected the financial lives of many Americans.
Millions of Americans, facing severe financial hardship, are expecting more relief, including expanded federal unemployment benefits and a second round of $ 1,200 stimulus checks as the U.S. economy continues to face challenges from the Kovid-19 epidemic .
Now, House Democrats have introduced a new, updated bill that reduces the overall size of aid previously intended to appease Republicans.
The proposal, still dubbed the HEROES Act, includes a second round of $ 1,200 incentive checks.
This time, they are calling for more lenient words than the first checks that were dispersed in the spring, which would allow more people to qualify for the money.
Like the first round of incentive checks, House Democrats are paying up to $ 1,200 per person or 2,400 per married couple who file jointly, plus $ 500 per qualified dependent.
Full-time students who are under 24 and adult dependents will also be eligible for those $ 500 payments. This is a change from the dependent pay in the first check, which went only to children under 17 years of age.
Another change Democrats are making is that money also goes to people with taxpayer identification numbers, not just Social Security numbers.
Unlike the first check, payments will be exempted from being reduced or offset for past due child support. Democrats are also calling for the second check to be saved from garnishment.
This measurement seeks to patch delivery issues that occur with the first check.
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The new checks will also be based on federal tax returns of 2018 or 2019.
Federal beneficiaries – those who receive Social Security, Supplemental Security Income, Veterans or Railroad Retirement benefits – will stand to receive their payments automatically even if they do not file 2018 or 2019 returns.
The Treasury Department will need to reach out to those who do not typically file tax returns so that they know how they can submit their information to obtain money.