How big a stimulus check would you get under the HEALS Act?


How big a stimulus check would you get under the HEALS Act?

How big a stimulus check would you get under the HEALS Act?

Republican lawmakers want to send another round of stimulus checks to American households to help them weather the economic impact of the coronavirus pandemic. The checks would be similar in amount to the first round, but not as generous as the package proposed by Democrats in May.

Details about a potential second round of checks emerged on Monday when Senate Republicans outlined their fourth phase of federal coronavirus response efforts, which would include other stimulus measures, such as enhanced unemployment benefits.

But the Republican proposal — called the Health, Economic Assistance, Liability Protection and Schools, or HEALS, Act — provides less money for children than would a competing stimulus bill from Democrats, which was approved by the House in May.

Nevertheless, the Republican stimulus package would provide households with almost identical benefits to the first round of checks, which were issued through the bi-partisan CARES Act beginning in April after its passage in March. Those checks helped buoy finances for more than 160 million households, with families paying bills or socking away money for a future emergency.

Almost half of all Americans have reported the loss of income from March through early July, according to Census data, underscoring the financial stress that many households are experiencing during the pandemic.

Another massive round of stimulus checks could even help the moribund economy rebound this fall, said Goldman Sachs analysts in a client note earlier this month.

“We expect the bulk of these payments to reach consumers in late August, which should boost consumption in September in particular,” the Goldman analysts noted. “It is well documented that the $1,200 stimulus payments paid out in early Q2 had noticeable effects on consumer spending, especially for lower-income households.”

How much would you get under the GOP bill?

Here’s how the GOP proposal for stimulus checks would work:

  • All single U.S. citizens and U.S. residents with adjusted gross income up to $75,000 would receive $1,200, or identical to what was delivered in the first round of checks.
  • Like the first round, married couples would be eligible for $2,400 as long as their income is less than $150,000.
  • To qualify, you can’t be claimed as a dependent by another taxpayer, and you’ll also need a work-eligible Social Security number.
  • Like the first round, payments would be lowered for single people earning more than $75,000 and married people earning more than $150,000, with the payments phasing out entirely for singles earning more than $99,000 and married couples with income above $198,000.
  • Dependents, such as children, would receive $500 each.

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