Lately, we have heard a lot on the news and online regarding the possibility of a second stimulus check. Now, for this to happen again, several things need to take place beforehand. We know that both political parties are in favor of Americans receiving a second stimulus check with a value of $1,200. Keep reading to learn more on what all you need to know regarding the second stimulus check.

  1. Congress has to pass the bill. Again.

As we saw at the beginning of the coronavirus pandemic, Congress had to write, review, and get a bill passed in order to provide Americans a check of $1,200 to stimulate the economy. Right now, there are two second-stimulus check bills in question: The Heals Act (Health, Economic Assistance Liability Protection & Schools Act) and the Coronavirus Assistance for American Families Act. Both of these bills have different monetary values, however. The Heals Act proposes another $1,200 to Americans, while the Coronavirus Assistance for American Families Act proposes a $1,000 economic payment to Americans. Either way, they still have to be congressionally passed before anyone gets any money.

  1. The amount you receive will be different

Yes, you read that right! The amount you receive from the economic payments is going to be different than the amount of the stimulus check. For example, just because the stimulus check is announced at $1,200 does not mean that you will get $1,200. It is important to take into account if you have dependents or not. If you have dependents, you could receive more than $1,200. For each dependent, you could receive $500 under The Heals Act.

As for the Coronavirus Assistance for American Families Act, the numbers are different ($1,000 stimulus check) if you have dependents. Under this act, you could receive up to $1,000 for each dependent on your taxes.

Now, we do not know for sure if another stimulus payment will be passed and deposited into Americans’ bank accounts again. However, we are still seeing an increase in the number of unemployed workers and families struggling to make ends meet. When it comes to the effects of the coronavirus pandemic, our government is still trying to figure out a happy medium between numerous things: a plan for schools, an upcoming election in just a few short months, and most importantly, the health and safety of its American citizens.

As we continue to navigate these uncertain times, we need to keep our financial futures in mind. Every day is another opportunity to get your finances in check, and the team at Mooney Lyons is here to help. Give us a call at 847.382.2600, visit our website to schedule a time to talk, or email us at info@mooneylyons.com to get started. We are here for you, especially during this time!

 

Sources:

https://fortune.com/2020/08/03/second-stimulus-check-update-when-will-2nd-irs-payment-checks-go-out-coronavirus-stimulus-package-bill-republicans-democrats-negotiations-faq/#stimulus-bill-update

 

https://www.forbes.com/sites/zackfriedman/2020/08/03/second-stimulus-checks/#1aa725eb9763