How much money can you expect to receive in your second COVID-19 stimulus payment? It depends on which second round payment plan is approved.
Plans for a second round of COVID-19 stimulus checks are definitely in the works, according to President Donald Trump. In a June 22 interview, Scripps National Political Editor Joe St. George asked Trump whether the American people could expect another round of stimulus payments. Trump replied with unequivocal confirmation and added, “We will be doing another stimulus package, it will be very good, very generous.”
When asked how much money people will receive from their second stimulus payment, Trump said, “You’ll find out about it.”
Here’s what you need to know:
Trump Has Indicated Interest in a ‘Dramatic’ Second Round, But Has Not Mentioned Numbers
Though Trump has indicated interest in a “dramatic” second round of stimulus payments, he has not given any number idea for how much people can expect to receive in their next stimulus round payment.
POTUS did offer a few more details about the upcoming stimulus check legislation, which would likely be part of the fourth stimulus package. He said the proposal would most likely be bipartisan and that it would be announced in the coming weeks.
Families Could Receive Up to $6,000 in Their Next Stimulus Payment
In the HEROES Act, a wide range of Americans would receive stimulus payments. Families with three or more dependents would be eligible for up to $6,000. Here’s how the proposed payments would break down, according to PennLive:
- Individuals earning up to $75,000 annually according to their last tax return would receive $1,200 (the same amount designated in the first stimulus payment distributions)
- Couples earning up to $150,000 would receive $2,400 jointly
- Households would receive payments of $1,200 each for up to three dependents, including adult dependents
Additionally, the HEROES Act would provide stimulus payments for a wider swath of American people than the first stimulus package. Notably, it would offer payments to individuals with taxpayer identification numbers who were excluded in the first round.
The HEROES Act passed the House and is waiting for a vote in the Senate. Republican senators have called the bill “dead on arrival.” The Senate is expected to vote on the bill in late July at the earliest. Trump has indicated that his “dramatic” stimulus package will replace the HEROES Act, but he hasn’t said how the numbers will compare for stimulus payments.
Trump Has Also Floated the Idea of A $4,000 Vacation Credit
— The Points Guy (@thepointsguy) June 24, 2020
During a roundtable discussion with restaurant industry leaders in May, Trump first brought up the idea of a tax credit for Americans that would incentivize domestic travel in the next year. He said, “Create an ‘Explore America’ — that’s ‘Explore,’ right? Explore America tax credit that Americans can use for domestic travel, including visits to restaurants. That’s a big deal.”
Rather than providing a direct payment by check, direct deposit or debit card, the proposed “Explore America” credit would allow taxpayers to file for tax deductions for domestic travel expenses “incurred while traveling away from home in the U.S.,” Forbes reported. The proposal would offer tax credits for amounts over $50 spent at American restaurants, hotels and other businesses in the travel industry, according to Forbes.
It is not clear how eligibility would be determined, but Forbes reported “the credit would cover up to 50% of a household’s total vacation expenses” up to $4,000.