Whoops! If this website isn't showing properly, it could be that you're using an old browser. For the full American Magazine experience, click here for details on updating your internet browser.

THE TRANSATLANTIC MAGAZINE

The American masthead
FVAP
Greenback Tax

Chance of additional Stimulus Check increases as House passes 2nd HEROES Act

The HEROES Act is a second stimulus package to support Americans during the coronavirus pandemic. The first HEROES Act was passed by the House in May, but didn’t make it through the Senate. The new Act is a revised version.

Published on October 3, 2020

Dollar Hand

On Thursday evening, October 1, the House of Representatives passed a new version of the HEROES Act. The original, passed by the Democrat-led House in May, didn't make it through the Republican controlled Senate due to opposition. The revised act, however, does retain provisions to give all Americans, including those overseas, an additional $1200 economic impact payment.

While retaining the stimulus check, the HEROES Act 2.0 does remove other financial safeguards which were present in the original CARES Act, and according to reports, comes at a cost of around $2.2 trillion compared to the first version of the HEROES Act's $3.4 trillion.

Importantly, the Senate also introduced its own stimulus check in July's HEALS Act, suggesting that even if negotiations continue behind the scenes, the idea of another stimulus check remains on the table and is seemingly supported by both parties.

Republican Senate Majority Leader Mitch McConnell has reportedly voiced concerns over HEROES Act 2.0, so although the bill has passed the House, it may not get to the Senate. That said, the continued negotiations and discussions indicate that Americans, including those living overseas, could be a step closer to receiving a second, much welcomed stimulus check to support them as the coronavirus pandemic continues.

A useful table looking at the differences between the CARES Act, HEROES Act, HEROES Act 2.0 and the HEALS Act is available from www.cnet.com/news/second-stimulus-check-requirement-proof-that-democrats-republicans-agree-on-new-qualification/

>> MORE NEWS

Share:    



OUR SUPPORTERS
Tanager Wealth Management
My Expat Taxes
© All contents of www.theamerican.co.uk and The American copyright Blue Edge Publishing Ltd. 1976–2020
The views & opinions of all contributors are not necessarily those of the publishers. While every effort is made to ensure that all content is accurate
at time of publication, the publishers, editors and contributors cannot accept liability for errors or omissions or any loss arising from reliance on it.
Contact/About Us | Privacy Policy
× Free July-August E-Edition