Well, after months of waiting it’s finally here.
Republicans finally introduced their proposal today.
One of the biggest questions about this proposal has been whether or not it will contain more stimulus checks.
After months of back-and-forth between Democrats and Republicans, it started to look like more checks might go out but that they would be capped at lower income levels such as around $40,000 a year.
But then there was a resurgence in interest for these checks within Republican circles and now we have seen their official proposal (the HEALS Act) which includes $1,200 stimulus payments.
HEALS stands for Health, Economic Assistance, Liability Protection, and Schools.
The biggest unknown about the stimulus checks seems to now have been addressed as it looks like the income threshold will remain the same for this new round of stimulus checks.
In case you need a reminder, full payments will be made to individuals who make up to $75,000/year in adjusted gross income and if you are filing jointly, the income threshold is up to $150,000/year.
If you make more than those amounts, then your stimulus check amount is reduced until you make over $99,000/year for individuals and $198,000/year for a couples.
One of the changes looks like it will expand the eligibility for dependents, so there will not be an age cut off of 17 any longer.
Very surprisingly, according to CNBC, payroll tax cuts were shelved in favor of stimulus checks.
President Trump has been adamant about these payroll tax cuts and even threatened to veto (I believe) any package that did not contain payroll tax cuts.
So the fact that we did not see them in the proposal is pretty surprising to me.
Republicans now want to finalize the legislation by July 31.
Last round, it took about 2 to 3 weeks for a lot of the checks to start rolling out.
Since there is already a system and process in place, you would think that the process could move a little bit quicker so it is not unreasonable to think that stimulus checks could start hitting within the first half of August although it is probably more likely to happen in the latter half.
In case you have not enrolled in direct deposit, you want to be sure to do that because that will expedite the delivery of your stimulus check.
One of the biggest issues still to be sorted out is how the expanded unemployment benefits will continue. That looks like it’s going to be a very contentious issue over the next week or two.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.