When Could Utica, Rome, and Syracuse See The Second Stimulus Check?
The question on most Central New Yorker's minds currently deals with the second round of Stimulus checks. Are we getting them? When would we get them?
According to CNET, the clock is ticking. Congress will need to decide on a second stimulus check soon, and then the Senate will make a decision either way before the end of July.
The Senate will have a period of 15 days between July 20-Aug. 7 where the package could be hammered out and agreed upon. If it doesn’t happen then, there’s another window — Sept. 8-25 — when the package could be agreed on."
The next stimulus bill would come out of the HEROES Act, which is a follow up to the CARES Act and has passed the House but not the Senate. If this was to get passed fast in the Senate, people could see checks in their accounts in early August.
How Much Could This Check Be?
Here's how CBS News breaks it down: The HEROES Act offers a larger stimulus payment than the Coronavirus Aid, Relief and Economic Security Act.
Under the new legislation each member of a household would receive $1,200, including children. The income thresholds would remain the same, meaning that single taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments. For instance, a family of four whose parents earn less than $150,000 would receive $4,800. HEROES would cap total payments at $6,000 per family."
Again, the cap would be increased to $6,000.
Who could qualify for a broad second stimulus payment?
According to CNET, here's some guidelines being looked at:
- Individuals who made less than $99,000 according to the adjusted gross income from their 2018 or 2019 taxes (whichever was most recently filed).
- College students, dependents over 17, disabled relatives and a taxpayer's parent.
- Families of up to five people.
- SSDI recipients
- People who aren't US citizens and file tax returns, pay taxes and otherwise comply with federal tax law using an individual taxpayer identification number (ITIN) instead of a Social Security number.
Student Loan Forgiveness Could Be Coming
In March, the CARES Act suspended payments and interest on student loans. Forbes reports, this could be extended:
The HEROES Act would extend the student loan payment and interest suspension for another year, through September 30, 2021. It originally called for the $10,000 student loan forgiveness for all borrowers, but was scaled back to provide the forgiveness for those student borrowers struggling before the pandemic hit. "
President Trump could also be open to the idea.
Next Government Stimulus May Involve a $4,000 Vacation Credit
Unlike the previous stimulus, you could also get a Explore America tax credit. This would be a $4,000 tax credit to reinvigorate the tourism industry, like many others devastated by the pandemic.