The HEALS Act is the latest proposal for the next stimulus package. In this proposal SSI, SSDI, SSA, RRB, VA, 2018-2019 filers and non filers would qualify for a $1200 stimulus check and dependents of all ages would also qualify for a $500 payment. The proposal would include the Restructured Federal Pandemic Unemployment Compensation (FPUC) or enhanced unemployment. FPUC would go from $600 to $200 for two months and then change to 70% or a maximum of $500 in October. The proposal would also provide an expansion of the Paycheck Protection Program, add an Increased Employee Retention Tax Credit (ERTC) and provide a Work Opportunity Tax Credit (WOTC). The HEALS Act would also provide a creation of a new refundable payroll tax credit for coronavirus expenses, a temporary full deduction for business meals, more flexibility for states using the Coronavirus Relief Fund (CRF) & state income tax changes. Furthermore, the proposal would provide $105 billion to fund qualifying schools and liability protection for colleges, universities, businesses, hospitals, etc.
What to expect in the next $1200 stimulus check:
This is a second round of economic impact payments structured identically to the rebates sent to taxpayers in the spring. It would provide $1,200 for single taxpayers and heads of household, $2,400 for those married filing jointly. The credit will phase out identically to the first round, at 5 percent per dollar of qualified income above $75,000 for singles, $112,500 for heads of household, and $150,000 for joint taxpayers.
On this channel we cover the second stimulus check, the stimulus update, and also the next stimulus package. The stimulus package that passed under the Trump Administration earlier in March of 2020 was the Cares Act. We discuss the stimulus check, the second stimulus check, stimulus unemployment, the SBA PPP Loan, the EIDL loan, the forgivable loan, and the upcoming stimulus package. We also discuss if SSI, SSDI, Railroad Retirement beneficiaries, Social Security recipients and VA recipients qualify for the next round of stimulus checks. We hope you enjoy this second stimulus check update. This channel also answers frequently asked questions like, when will we receive our next $1200 stimulus check? who will qualify for the next $1200 stimulus check? when to expect the next $1200 stimulus check? will the enhanced unemployment insurance (FPUC) be extended at $600?
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