Here is Phase 4 – Another Stimulus Bill Has Reached the Senate – Will it help you or your business?
At a cost of $3 trillion, the HEROES Act would supplant the CARES Act as the most expensive piece of relief legislation in history. While not encompassing, here's some of what HEROES Act would do:
- Approximately $1 trillion would be set aside to cover pay for first-line workers and teachers.
- Some $200 billion would be allocated for the creation of a Heroes' Fund, which would provide hazard pay to essential workers.
- Unemployment benefit protections would be extended from the end of July through January 2021.
- An additional $75 billion would be apportioned for COVID-19 supplies and contact tracing measures.
- An estimated $175 billion would go to families to help pay their rent, mortgage, and utility payments.
- An extension of the employee retention tax credit, allowing employers to more easily keep staff on the payroll.
- And… a second round of direct stimulus would be headed Americans' way.
What would you receive if the HEROES Act were signed into law, as-is? Similar to the CARES Act, the maximum payout is $1,200 per individual and $2,400 per couple, with the qualifying AGI thresholds exactly the same as the CARES Act.
What differs is that dependents (limit three) can add $1,200 each to what a parent or household receives, rather than just $500 per qualifying dependent. Furthermore, all dependents can qualify to bolster the payout of what a parent or household receives, not just those under the age of 17. With a limit of three qualifying dependents per household, a married couple could rake in as much as $6,000 under the HEROES Act.
One additional change that's worth noting is that noncitizens would be able to receive payments under the HEROES Act, which is in direct contrast to the CARES Act. As long as a noncitizen has a taxpayer identification number, that person could qualify for a payment.
Submitted May 31, 2020 at 05:23PM by mikejr_reddit
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