There has been a lot of talk and speculation about a second stimulus check – release date, amount of money, and eligibility. The reality is that we do not know if a second stimulus check will even be approved by Congress and signed by the President. But below is a list of things that we know for sure about the stimulus check:

1. The HEROES Act – The HEROES Act or H.R. 6800 is a Democratic-sponsored bill, worth about $3 trillion, and was proposed as an attempt to alleviate the economic consequences created by the COVID-19 pandemic. The bill includes a one-time stimulus check payment, similar to the CARES Act, of up to $6,000 per household. That is up to $2,400 for couples with an AGI of no more than $150,000 and payments of $1,200 for each dependent (up to three dependents).

2. Passed by the House of Representatives – The Act was approved by the United States House of Representatives on May 15, 2020 and now is at the Senate for vote.

3. Uphill Battle – The Senate majority has expressed its concerns and is currently opposing the bill as it is written. Thus, it is unlikely that the bill will be approved and sent to President Trump for his signature. However, both the Senate and the president have signaled their interest for another round of Stimulus Checks, but no plan has been proposed to substitute the Heroes Act proposal.

The reality is that there is no second stimulus check on its way. If the current proposal fails at the Senate, the House of Representatives will need to go back to the drawing board and come up with a new proposal. If the act were to be signed into law, it is likely that the stimulus check will be distributed the same way the first stimulus check was distributed; direct deposits for those who have filed tax returns or have their information updated with the IRS.

If you have not filed your tax returns, remember that you can still file your taxes without penalties until July 15, 2020. Please call and make an appointment with the Fort Irwin Tax Center at 760-380-1040.