The adoption of another Federal draft law on assistance in connection with the coronavirus of any kind will require congressional collaboration for a few months before the presidential election. It’s not impossible — unusual times can unite the two parties, as it was earlier this year. But the adoption of this normative act will be a considerable feat. This writes the Money Talks News.
In mid-may, the House of representatives passed a bill that includes a second round of Federal payments in connection with the coronavirus — Law on urgent solutions in health care and economic recovery Act, or HEROES. But the Senate has yet to vote on it and either make this project worth $3.4 trillion, or offer their own alternative.
What will happen and who will get the money, if the Law HEROES will take.
How much money will the taxpayers?
In accordance with the Law, HEROES, amounts help are on average more than in accordance with the Law CARES, taken earlier.
According to CARES, assistance was $1200 per eligible payments of the taxpayer and $500 for each eligible dependant, while HEROES will give $1 200 for each taxpayer and $1 200 per dependent (maximum three dependents).
Average payments under the Law of HEROES will be $2 170 in comparison to the average payment under the Law CARES in the amount of $1 729.
Who gets the money?
To be eligible for another cheque will be the next group of people.
1. People who earn less than a certain amount
The law of HEROES uses the same threshold of income that the law CARES:
$150 000 for couples;
$112 500 to the person that contains the dependency;
$75 000 for a single taxpayer.
If you earn an amount in excess of the above mentioned, you will not get the full payout or not receive payment at all.
As in the case of payments under the Law CARES, the payment by Law HEROES will be available to recipients of social security and persons who do not earn enough money to file a Federal income tax return, provided that they are eligible for payments.
This means that pensioners can get a second payment.
3. Resident aliens
Only people who have a social security number would be entitled to benefits according to the Law CARES. But people who have an individual taxpayer identification number, or ITIN, will now be eligible to receive assistance under the Law HEROES.
This means that a larger number of resident aliens will be eligible for financial assistance in connection with the coronavirus.
For example, resident aliens who are not eligible for a social security number, but have an ITIN, could not receive payments according to the Law CARES, but will receive according to the Law of HEROES.
4. More dependents
Moreover, dependents can qualify for larger amounts, but now more dependants can receive money
“In accordance with the Law CARES of the household could receive an additional $500 for each child, defined as a child under the age of 17 years. It excluded children over the age of 17 years, College students who may still be dependents, and other dependents such as elderly parents. In contrast, the HEROES Act will provide an additional $1 200 all dependants (up to three per household)”, — said at the American enterprise Institute.