Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Lawmakers are entering heavy discussions about what should be included in the latest legislation to boost the economy during the pandemic. One of the most closely followed potential provisions is another round of economic impact payments, also referred to as stimulus checks.
Both the House and Senate have come up with numerous proposals, but the full Congress has passed no legislation, and the president has not signed anything into law. Yet, it’s still worth knowing what could potentially be passed.
How much could you get across four of the key proposals?
Use this second stimulus check calculator to determine how much money you would receive if one of the acts is signed into law.
Calculate Your Stimulus Payment
Have you filed your 2019 tax return?
What was your filing status in your 2019 tax return?
What was your income in 2019?
How many children did you claim as dependents in 2019?
1. *Calculations are estimates based on public statements by Senate Majority Leader Mitchell McConnell (R-KY) and follow the same original check amounts and phaseout amounts under current law of the CARES Act. 2. *Calculations are based on details released in the HEROES Act (H.R. 6800). 3. *Calculations are based on details provided in the Monthly Economic Crisis Support Act (S.3784). 4. *Calculations are based on details provided in the Emergency Money for the People Act (H.R. 6496).
Smart Financial Decisions Made Simple
Subscribe to the Forbes Advisor weekly newsletter for the latest on the next stimulus package and tips on managing financially during this time. We’re here to help.
There technically isn’t a deadline for when the stimulus package needs to pass, but Congress is set to adjourn for a month-long recess on Aug. 7. Both Democrats and Republicans have expressed a sense of urgency in passing the next stimulus package before then.
What is the 40K Income Cap Stimulus Check Proposal?
Senate Majority Leader Mitch McConnell has expressed support for sending the next round of stimulus payments to people who make $40,000 per year or less. Proposal details are still emerging, but it appears lower-income Americans would be prioritized more than they were with the CARES Act.
What is the The HEROES Act Stimulus Proposal?
Among the act’s many provisions are providing an additional one-time stimulus payment to Americans in response to the coronavirus pandemic.
The $3 trillion HEROES Act proposal would follow the stimulus payment amounts and income thresholds passed in the CARES Act, but it provides additional money for up to three dependents. For example, the HEROES Act would provide $1,200 per qualifying child; the CARES Act provided only an additional $500.
The House of Representatives passed the HEROES Act in May as a second stimulus package, but it has not passed the Senate. The act awaits a Senate vote and would require a signature from the president to be passed into law.
What is the Monthly Economic Crisis Support Act?
Sens. Kamala D. Harris (D-CA), Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY) and Ed Markey (D-MA) have proposed the Monthly Economic Crisis Support Act to provide monthly stimulus payments to Americans in response to COVID-19.
The proposal would provide a lump-sum payment retroactive to March 2020, followed by monthly payments that would continue until three months after the secretary of Health and Human Services declares the coronavirus public health emergency has ended. Individuals who qualify will receive $2,000, and married couples filing jointly will receive $4,000 per month.
What is the Emergency Money for the People Act?
Rep. Tim Ryan (D-OH) has proposed the Emergency Money for the People Act to provide monthly stimulus payments to Americans for 12 months in response to the coronavirus pandemic. Individuals would receive $2,000 each month, and married couples filing joint returns would receive $4,000 each month. Each dependent child would receive $500, up to three children. This proposal would provide payment to both U.S. citizens and individuals who are not citizens or residents but have been physically present in the U.S. since Jan. 27, 2020.
Will I have to pay taxes on these payments?
Previous stimulus payments have not been taxed, and it’s unlikely these will be taxed, too.
Second Stimulus Check Proposals (Individual Calculators)
Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
I'm a Personal Finance Reporter for Forbes Advisor. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. I've been featured as a personal finance expert in outlets like CNBC, Yahoo! Finance, CBS News Radio and more. When I'm not digging up the best ways to manage your money, I'm out traveling the world. Follow me on Twitter at @keywordkelly.
First Published: Aug 7, 2020, 3:50am
The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.