Don’t Look in Your Account or Mailbox Yet, the Second Check is Not in the Mail
A recent post in this space addressed the first round of stimulus relief checks, which were sent to eligible Americans beginning in March. Those checks, starting at $1200 per person and reduced for those with higher reported incomes, were part of the two trillion dollar CARES Act, designed to provide relief quickly and to help support the people and the economy hard-hit by the coronavirus pandemic. Those payments did go out relatively quickly, but if you have not received yours yet, please see the earlier post in this space about what you should expect. Now, though there may be second round of checks distributed directly to taxpayers, it is unclear when that will be.
Even as lockdowns are being lifted, unemployment levels are continuing to rise, there are many indicators of a worsening global economic recession, and most politicians appear to agree that there must be/will be another federally-funded relief package. The House of Representatives has passed the Heroes Act, providing for some three trillion dollars in funding, but the Senate has not yet taken-up that legislation, and there are indications that it will not pass in its current form.
As written, the Heroes Act would distribute a second round of $1200 payments to eligible taxpayers, but this time, eligibility would be extended to dependent children over the age of 16, including college students, and taxpayers without Social Security numbers, all of whom were ineligible under the CARES Act. Like the CARES Act, the Heroes Act would provide for additional unemployment benefits, tax credits for businesses that retain employees, and additional relief for small business. Going beyond the CARES Act, the Heroes act would add funding for state and local governments to help pay the salaries of first responders, healthcare workers, teachers and others, and it would include funding for coronavirus testing, contact tracing, and treatment.
Though politicians from all sides have expressed support for some form of additional relief, the amount, form, and timing of that relief are unclear. At LaMonaca Law, we have always worked hand-in-hand with our clients and now, by way of our Virtual LaMonaca Law presence, we still do, virtually. We inform our clients, and everyone who turns to us for help, about what to expect and how to position themselves for the best results.
This space will continue to provide information about economic relief measures, and we invite and appreciate your attention to these posts. If you have any questions about the CARES Act, or any newer laws or other relief available, or if you simply need to talk about any aspect of your family’s financial circumstances, please call for a member of our Forensic Support Team, at 610-892-3877, or visit us at www.LaMonacaLaw.com