In spring 2020, the IRS distributed almost $270 billion of stimulus payments to 160 million U.S. individuals as part of the CARES Act.
Many are wondering if there will be a second round of stimulus checks.
Will there be a second round of stimulus checks?
Currently, both Congress Democrats and Republicans have competing proposals for a stimulus package. And both packages include stimulus payments to individuals.
A second round of stimulus checks will likely be $1,200 for single filers earning under $75,000 and $2,400 for joint filers earning less than $125,000.
The stimulus payment will be reduced by $5 per every $100 over the above the income thresholds until it is completely phased out.
What’s less certain is how much dependents will receive. There are two competing proposals in Congress — HEROES and HEALS.
Second round stimulus amount for dependents — HEROES vs. HEALS
The HEROES Act (Democrat) proposes $1,200 for each dependent, for a maximum of three dependents. A married filing jointly household with three children could receive a whopping $6,000 payment. Additionally, those without social security numbers could qualify with an ITIN.
The HEALS Act (Republican) proposes $500 for each dependent with no age limit on the dependent.
When will stimulus check #2 be sent out?
Democrats and Republicans are still negotiating the terms of the stimulus package.
The cost of the competing bills is the main sticking point.
Once an agreement has been reached, the Treasury has stated that the stimulus payments could be issued in as soon as a week.
We’ll update this page with additional information.