President Trump's economic adviser Kevin Hassett told the Wall Street Journal that the odds of another stimulus package "are very, very high." The President also confirmed the information to reporters in a press conference. There hasn't been a lot of detail about the actual timing of the payment but several reports are showing that their is promise that a second round of stimulus checks will happen. The second round of payments would fall under the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.
If the HEROES Act passes a lot of folks want to know if they will qualify for the extra financial relief. Here's what you need to know. HEROES is actually similar in nature to the original COVID-19 stimulus package. However a new exception is being made for families with children or dependents. During the first round of stimulus checks the government only provided $500 per child, it's reported that the HEROES Act will increase the payment to $1,200 per child. Children between the ages of 17 and 18 will also be included in that category. College students who are still claimed as dependents by their parents can also qualify for relief payments this time around,
If you received a stimulus check the first time around, odds are that you will likely be receiving one again. That means if you are a single taxpayer and you make under $75,000 or are a married couples who jointly files with a total household income of no more than $150,000 then you could potentially receive some extra money.
The HEROES Act will also reportedly provide a stimulus check to American citizens who are married to immigrants without a Social Security number, according to CBS News. They did not receive relief checks under the first stimulus package. Resident aliens may also qualify for the next round of payments because payments will not be based on a social security number but a tax i.d number instead.
If you happen to make over $98,000 as a single taxpayer or $199,000 as a married couples then unfortunately you will not qualify for the stimulus payment. For now, though, the HEROES Act is yet to be passed. A decision will hopefully be made by the Senate some time in July.