CIRCLEVILLE — Many Americans have received a stimulus check throughout the pandemic thanks to the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Now, there are talks of a second round of stimulus checks that may possibly benefit a larger group of people than the previous one.
The Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act recently passed through the United States House of Representatives but it now must be approved by the U.S. Senate.
United States Treasury Secretary Steve Mnuchin has stated that the Trump administration is strongly considering approving an additional stimulus check however that may happen. Beside the HEROES Act, there are a few other bills discussed that would include stimulus money.
Ohio Senator Rob Portman is proposing a $450 weekly payment for individuals returning to work; so along with their wages, they would receive the $450 bonus. This bill would provide funds through July 31.
With the HEROES Act, Americans would receive another $1,200 check but compared to the CARES Act, this expands to all dependents including college students and older teenagers.
Any additional amount people receive would be based on income and have a similar structure as the CARES Act with single taxpayers making $75,000 annually and married taxpayers making $150,000 receiving the full amount. According to CBS News, HEROES would cap total payments at $6,000 per person.
It is also being reported that the HEROES Act would distribute checks to those who have a taxpayer identification number, which is often used by immigrants to pay taxes.
There is also a section in the HEROES Act regarding student loans. According to Forbes, the bill would provide $10,000 in student loan cancellation money to economically distressed student borrowers.
Distressed borrowers include those with a $0 monthly payment under income-based repayment; those who have been in default with their students loans; are at least 90 days past due or those who have had their payments suspended due to financial hardships.
A decision regarding stimulus checks is expected to be made sometime in July either before or after the Senate is scheduled to return from summer recess.