As COVID-19 numbers continue to skyrocket, so is the need for more money to pay bills. This pandemic has had so much of an effect on the worlds mental, emotional, and physical health. With months of the Stay at Home Order in place, the economy has been affected as well. The need for businesses to survive is at an all time high.
Although many businesses have switched to a work from home style, many businesses have not. Some businesses are a lot safer closed. The problem is this creates financial struggles in the household, let alone the business itself.
With this in mind the government has been preparing for a second stimulus payment. One that should be slightly better than the first. CBS news calls it the HEROES Act. The HEROES Act offers a larger stimulus payment than the Coronavirus Aid, Relief and Economic Security Act. Under the new legislation each member of a household would receive $1,200, including children.
The income thresholds would remain the same, meaning that single taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments. For instance, a family of four whose parents earn less than $150,000 would receive $4,800. There would be a $6000 cap per household.
This relief package may arrive before September but nothing is solid yet. However this is the time to be on the look out for more information.
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