The U.S. House passed the HEROES Act in May, which would provide another stimulus check, payment, or direct deposit from the IRS to millions of eligible Americans if it was signed into law.
Then, this week, Senate Republicans unveiled their response, the HEALS Act, which would do the same.
Both pieces of legislation have many coronavirus economic relief elements, including the stimulus payments to eligible citizens, which would be up to $1,200 for single tax filers and $2,400 for those who file jointly.
Like their predecessor, the CARES Act, the amount one could get would decrease based on a sliding adjustable gross income scale, and the highest earners would eventually be phased out.
While the HEROES Act would provide up to $1,200 per for up to three dependents and apply to anyone with a taxpayer identification number, HEALS would give $500 for up to three but would only be for those with a social security number.
With those basics out of the way, President Donald Trump suggested Wednesday that the maximum amount could actually top $1,200 for a single filer in an interview with a Texas TV station.
For that to be the case, however, a compromise would have to be reached between both chambers and politicians on both sides of the aisle before getting to Trump’s desk for approval. Then, and only then, the IRS would be authorized to start sending money out as soon as possible.
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“We’re going to see it may go higher than that, actually,” Trump said, according to KMID-TV.
“I’d like to see it be very high because I love the people, I want the people to get it, you know, the economy is going to come back,” Trump continued. “We saved millions of lives but now we’re bringing (the economy) back … we gotta take care of the people in the meantime.”
Time is of the essence for a deal to be struck, as this session for the Senate ends on Aug. 7, unless it is extended. Because of the scheduled deadline, however, CNET suggests that checks could go out, if an agreement is reached, by late August. Plenty of work remains, however, until that is the case.
To see how much you could be eligible for under both the HEROES and HEALS Acts, check out embedded Omni Calculators below to punch in your information. If you can’t see the embeds, click here.
HEROES Act calculator
HEALS Act calculator