A new round of stimulus payments to combat the devastating economic impact inflicted on Americans by the expanding coronavirus pandemic could be coming in the next relief bill from Congress.
Senate GOP leadership unveiled details of the next stimulus plan, named the Health, Economic Assistance, Liability Protection and Schools or HEALS act, late Monday. Included in the $1 trillion plan is a second set of direct payments to citizens.
Like CARES Act, this latest proposed legislation would provide checks of up to $1,200 per individual with bonus money for taxpayers who have dependents.
The criteria for the proposed new checks remains the same as before:
Individuals making $75,000 a year or less can get $1,200, and couples making $150,000 or less can get $2,400. Individuals making more than $99,000 a year and couples making more than $198,000 a year are not eligible.
There is one important change, however.
In the past legislation, recipients could get an additional $500 for each dependent age 17 and under. The HEALS Act would remove the age requirement.
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Even individuals who have no income, as well as those whose income comes entirely from non-taxable means-tested benefit programs, such as SSI benefits, are eligible for the full rebate amount.
The amounts will be based on adjusted gross income, which is the amount of money you make in a year minus allowable deductions. The payment will not be taxed.
The stimulus payments will be determined by a person's most recent federal income tax filing. If you have not yet filed your taxes, the prior year's return will be used. The payments will be made by either direct deposit or check.
Keep in mind that the HEALS Act is just a proposal put forth by Republican leadership in the Senate with support from the Trump Administration. The Democratic-led House passed its own package weeks ago. Congress would need to pass the proposal into law before the checks would come.
To help you better understand how much money you may get, you can use the calculator below:
Calculate Your Coronavirus Stimulus Payment
Source: Staff reports, NBC News
Credit: Nelson Hsu, Vince Lattanzio / NBC
These calculations are estimates based on the legislation as of Tuesday, July 28, 2020 and information provided by you. They are subject to change.
CORRECTION (July 29, 2020 8:30 p.m. ET): A previous version of this story misstated the income limit for couples eligible to receive the full stimulus amount. The calculator was never affected.