The CARES Act provided a lifeline for taxpayers and small businesses. But as a one-time cash payment, many fear that it didn’t do enough to support taxpayers in one of our country’s greatest times of need. Especially in light of the fact that many people still have not received their stimulus checks.
To address this, members of Congress have made two separate proposals, one that would provide Americans over the age of 16 with a $2,000 monthly check for up to 12 months, and one that would cancel rent and mortgage payments through the duration of the coronavirus emergency.
Let’s take a deeper look:
Proposal #1: $2,000 Monthly Stimulus Check
Representatives Ro Khanna (D-CA) and Tim Ryan (D-OH) introduced the Emergency Money for the People Act. This Act, if passed, would provide additional cash payments to Americans who have been impacted by the COVID-19 pandemic.
The Emergency Money for the People Act would provide a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months.
This would include individuals who were left out of the CARES Act, such as some high school and college students and adults with disabilities who were ineligible to receive the stimulus check because they were claimed as a dependent on another tax return.
Monthly Stimulus Payments Would Be Easier to Receive
Not everyone has a bank or a home address. To address this, the Emergency Money for the People Act calls for individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.
$2,000 Monthly Stimulus Check Eligibility:
- Every American age 16 and older making less than $130,000 annually would receive at least $2,000 per month.
- Married couples earning less than $260,000 would receive at least $4,000 per month.
- Qualifying families with children will receive an additional $500 per child – for up to three children.
- Those who had no earnings, were unemployed, or are currently unemployed would also be eligible for the stimulus even if they didn’t file a tax return.
- Those who were not eligible in 2019 or 2018 but would be eligible in 2020, could submit at least two consecutive months of paychecks to verify income eligibility.
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