With many left wondering if an agreement will be reached for a second stimulus package and whether or not that might include a direct check, Forbes put together an FAQ to address some of our most burning questions.
Will you get a second stimulus check from President Trump’s executive orders?
No. His executive orders covered an enhanced unemployment benefit, student loan relief, an eviction moratorium, and a payroll tax holiday.
Can the President authorize a second round of stimulus checks by executive order?
No. That requires an act of Congress.
If the President can’t issue an Economic Impact Payment, who can?
This requires an act of Congress.
What stimulus check proposals are currently pending in Congress?
The Heroes Act (a bill passed by House Democrats in May)
- $1,200 for single tax filers
- $2,400 for joint tax filers
- $1,200 for each dependent, regardless of age
- Income limitations on eligibility
The HEALS Act (a bill introduced by Senate Republicans in July)
- $1,200 for single tax filers
- $2,400 for joint tax filers
- $500 for each dependent, regardless of age
- Income limitations on eligibility
Coronavirus Assistance for American Families Act (introduced by four Republican Senators in July)
- $1,000 for single tax filers
- $2,000 for joint tax filers
- $1,000 for each dependent, regardless of age
- Income limitations on eligibility
Isn’t there a stimulus check proposal that would pay $2,000?
Yes and no. Four Democratic Senators led by Senator Kamala Harris introduced the Monthly Economic Crisis Support Act in May proposing monthly payments beginning March 2020 and ending three months after the Covid-19 public health emergency has ended. This bill proposes the amounts of $2,000 to single filers and $4,000 to joint filers plus $2,000/month for up to three dependents. It’s unlikely that this will ever be signed into law given the cost associated with it.
Which proposal for the next stimulus check, if any, is likely to become law?
It’s likely that the next stimulus check would be based on the Heroes Act or HEALS Act, if they agree to a check.
How much will the second stimulus check be?
It would most likely be $1,200 for single filers or $2,400 for joint filers with $500 for each dependent.
Will the income eligibility requirements for the second stimulus check be the same as the first payment?
Income limits will likely remain the same, however, the age limit for dependents may be removed.
When will the second stimulus check go out?
Once a bill is passed and signed into law, Treasury Secretary Steve Mnuchin has said that he could begin issuing checks as soon as a week later.
I’ve heard some have already received a second stimulus check. Is that true?
No.
Do I need to do anything to receive the second stimulus check if and when it becomes available?
If it’s the same process as the first round of payments, you don’t need to do anything if you’ve filed your 2018 and/or 2019 tax returns. If you’re a Social Security or Railroad Retirement recipient, the IRS will use Form SSA-1099 and Form RRB-1099 to generate the Economic Impact Payment.
I wasn’t eligible for the first stimulus payment. Will I receive the second stimulus check?
It is not likely that you would qualify for a second stimulus payment.
Read the full article here for more in-depth answers to your questions.