Round 2 of Stimulus Checks! Will You Receive One?

The CARES Act was signed into law on March 27th, 2020 as a relief package for all Americans. It provided fast and direct assistance to American workers, families, and families. Currently, there are two Acts that are floating around, HEALS Act and HEROES Act. The HEALS Act is backed by the Republican Party whereas the HEROS Act is backed by the Democratic Party. Both Acts will provide the same maximum stimulus check amount as the CARES Act in the amount of $1200 for single filers earning under $75k/year and $2400 for joint filers under $125k. However, there are some big differences between the two new proposed Acts. https://www.cnet.com/personal-finance/heals-vs-cares-vs-heroes-acts-whats-the-difference-anyway/

As of now, it is a waiting game. Voting on the second stimulus check will most likely happen in September. Who will qualify for this second stimulus check? Based on 2018 or 2019 tax filings, single filers with a gross income less than $99,000 or joint filers with less than $198,000. However, based on the current state of discussion, do not expect your second check to come anytime soon. Based off the timeline of the CARES Act, it would be safe to assume that once the Act is passed, the 2nd stimulus check will take a few weeks before being deposited into anyone’s accounts.

If you have your bank account information on file with the IRS, you will receive a direct deposit. Don’t have your banking info in the IRS system? Checks will be mailed within 2 weeks of the first payments being dispersed. You can use the IRS tool “Get My Payment” to track your letter after it has been processed.

As a safety precaution, do not include this 2nd stimulus check in your budgeting plans for the month of September. Budget your month and finances as if you do not expect this check to be ready until October.