The Cares Act, or stimulus check 2, has been voted on by lawmakers recently to provide a second stimulus check for Americans. The same rules apply as the first round.
It was on May 15th when this second coronavirus relief package was voted on at 208-199 by the House. This Act is worth a whopping $3 trillion dollars. However this likely won't be the final act to come to pay to help Americans. The Heroes Act will also provide an additional $1200 and come with more benefits to help the people and the economy.
According to Toms Guide:
As reported by NBC News, the HEROES Act would also provide up to $1,200 per children up to three dependents. The same income thresholds for the initial stimulus check would apply to for the second round.
The bill passed by a vote of 208-199. However, the Senate would need to approve the measure next. If the Senate passes the latest coronavirus relief bill, taxpayers could expect to receive another economic impact payment from the IRS.
Although the government has not yet approved a stimulus check 2, it would help people recover from the financial burdens brought on by the pandemic. Earlier this week, the House Democrats proposed the follow-up, $3 trillion care package that would once again assist Americans via direct payments. This time, those payments could provide up to $6,000 per household, according to the Heroes Act fact sheet.
This bill comes in the wake of nearly 3 million US workers filing for unemployment in the last week alone, according to the US Labor Department. That brings the total number of unemployment claims in the US to a staggering 36.5 million, a number that could help spur a second stimulus check into action.
Note that the HEROES Act would make taxpaying immigrants and their families eligible for federal stimulus payments regardless of their legal status, according to a report on Vox. However, Republicans in the House have argued that the relief funds should be for US citizens only.
Students are also set to benefit from the HEROES Act if it passes the Senate, as the Act would offer up to $10,000 worth of student loan forgiveness for those who are considered “economically distressed borrowers” and hold federal or private student loans. To be considered a distressed borrower, a student needs to meet criteria where they are clearly struggling with debt, including being unable to pay anything per month towards their federal student loan or be in default of their private sector loan, or have their student loans in some form of deferment or forbearance situation.
Taxpaying immigrants will also be able to receive a check if the Heroes Act passes. Students that are struggling to pay their student loans will also see up to $10,000 in forgiveness.
If and when it does pass I'm sure it'll help a lot of people.