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COVID-19 Relief Law - New Stimulus Checks - HEALS Act


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7/29/2020
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A second round of stimulus checks might be going out to Americans soon. On Monday, Senate Majority Leader Mitch McConnell unveiled the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act,which includes another round of stimulus checks similar to those distributed as part of the CARES Act earlier this year. 

As with the first stimulus checks, payments will be for up to $1,200 per person and the amount you get will depend on how much you earn, whether you’re married, and if you have dependents.

Stimulus Eligibility Criteria 

According to the HEALS Act, the government will base the amount you receive on the adjusted gross incomereported on the most recent filed tax return.

Individuals who earn up to $75,000 a year will be eligible for a one-time maximum relief payment of $1,200. If your salary is more than $75,000 but less than $99,000, you’re eligible for a reduced payment. The government will base the amount you receive on a sliding scale, with the amount falling by $5 for every $100 in income above $75,000. 

Stimulus Adjustments for Married Taxpayers

If you’re married and filing jointly, you’re eligible for a $2,400 check, as long as your adjusted gross income is less than $150,000 a year. If you and your partner earn more than $150,000 but less than $198,000, you’re still eligible for a reduced payment based on the same sliding scale, which subtracts $5 for every $100 in income you earn over that $150,000 threshold. 

Stimulus Adjustments for Dependents

If you’re a parent, you may also receive up to an additional $500 per child. 

If you’re a single parent, which usually means you file your taxes as a “head of household,” you’re eligible for the full $1,200 check, as long as you earn less than $112,500 a year. If you make more than $112,500 but less than $136,500, your check will be reduced using the same sliding scale. 

Stimulus Eligibility for No Income/SSI/SSDI

If you’re retired or if you’re disabled, you’re still eligible to receive that $1,200 check, as long as your Social Security benefit income doesn’t exceed the individual limit. 

We understand how uncertain this time and our firm is prepared to advise you on your financial situation as well as assist you in securingany and all relief available, Fazzio Law is in your corner.

 



Category: COVID-19 Relief Law


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