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Coronavirus stimulus checks: proposals put forward so far

By Aman Jain. Originally published at ValueWalk.

coronavirus, stimulus checks, proposals

Lawmakers agree that there is a need for another round of stimulus checks. There also seems to be consensus building around the size of the stimulus checks. However, nothing is confirmed as of yet. We have only seen proposals so far, including the HEALS Act from the Senate Republicans last week. Let’s take a look at what other proposals we have for the next round of coronavirus stimulus checks.


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Popular proposals for coronavirus stimulus checks

Before we move to other proposals, let’s first talk about the HEALS Act. Similar to the CARES Act, the $1 trillion HEALS Act offers stimulus checks of $1,200 to individuals earning less than $75,000 a year. The joint filers with gross adjusted income of less than $150,000 receive $2,400.

There are no checks for those earning above $99,000, and $198,000 for joint filers. The eligibility requirements are the same as the CARES Act with the only noticeable difference being for eligible dependents.

Under the CARES Act, the payment was limited to those under 17, while under the HEALS Act, dependents of all ages qualify for the benefit.

Another popular proposal for the next round of coronavirus stimulus checks is the HEROES Act. The $3 trillion Democrat-backed HEROES Act also offers $1,200 in stimulus checks and carries the same income cap as the CARES Act.

For the dependents (of all ages, up to three), the HEROES Act proposes checks of $1,200. Further, the HEROES Act proposes stimulus checks (including retroactively) to immigrants without a Social Security number as well.

On Thursday, one more bill was added to the list to coronavirus stimulus checks proposals. The bill proposed by Sens. Bill Cassidy (La.), Steve Daines (Mont.), Mitt Romney (Utah), and Marco Rubio (Fla.) calls for stimulus checks of $1,000 to adults, as well as dependents.

This new bill, called the Coronavirus Assistance for American Families (CAAF), seeks to give households more than the CARES Act and the HEALS Act. The CAAF Act stipulates $1,000 in payment to all American citizens, irrespective of their age and status. Further, it allows payments to those with Social Security numbers, as well as those with individual tax identification numbers.

Proposals calling for regular monthly payments

Another proposal that made headlines previously is the Monthly Economic Crisis Support Act (MERS). The proposal introduced by Senators Kamala Harris, Bernie Sanders and Ed Markey (D-Ma) in May, calls for regular monthly payments instead of a one-time stimulus check.

As per the proposal, Americans should get $2,000 a month until three months after the end of the coronavirus pandemic. It proposes giving $2,000 to those earning under $100,000, with payments phasing out completely for those earning over $120,000. The MERS Act offers $2,000 to dependents (up to three) and covers all U.S. residents, including those not having a Social Security number.

Another proposal is the Emergency Money for the People Act, which was introduced by Representatives Ro Khanna and Tim Ryan in mid-April. Similar to the MERS Act, it also calls for regular payments but with higher income thresholds.

The post Coronavirus stimulus checks: proposals put forward so far appeared first on ValueWalk.

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