Democrats and Republicans at the White House have ended a new week of talks to try and reach an agreement on a new relief bill. There seems to be consensus on the need for a stimulus check but not yet on the amount.
The first proposal, which passed by the House in May was the HEROES Act, a 3 trillion stimulus package that looked to make more people eligible for a second check.
The second proposal was the HEALS Act presented by Republicans last week, a 1 trillion bill that is being debated by both parties on Capitol Hill.
Now, Sen. Mitt Romney (R-UT), Sen. Marco Rubio (R-FL), Sen. Bill Cassidy (R-LA) and Sen. Steve Daines (R-MT) have a newer Republican proposal: the Coronavirus Assistance for American Families Act, which would provide a second check, or Economic Impact Payment, of $1,000.
Depending on how negotiations shake out, the total amount your family gets could change particularly if you have dependents.
CARES Act: With the CARES Act from March, which is now expired, there was no limit on the number of children that could count as dependents as long as they were under 17 and claimed by the taxpayer on their tax return. Each dependent got $500.
HEROES Act: The Heroes Act, which has never been discussed by the Senate, would place a cap of $6,000 for households of five or more. Essentially, it proposed $1,200 for each adult and dependent with a maximum of three dependents per family.
HEALS Act: Similar to the CARES Act, the HEALS Act does not mention a cap on the amount a family may receive. The difference is that it does not limit dependents to those under 17 in order to qualify for the $500 payment.
The Coronavirus Assistance for American Families Act: In this proposal, there is no cap on the amount either. Individuals would receive $1,000, while married/joint filers would receive $2,000, and each dependant would receive $1000 as well. A family of four, with married/joint filers, could receive up to $4,000 under this proposal.
To receive the full amount of a second stimulus check, for all these proposals, your adjusted gross income must be no more than $75,000 for individuals and $150,000 for married/joint filers. The stimulus check amount would be reduced by $5 for every additional $100 of adjusted gross income above this threshold.
There seems to be bipartisan support for these income thresholds, so it’s unlikely that Congress would change these requirements.