Second stimulus check: Here’s who would qualify

(KYMA, KECY)-Senate Republicans unveiled its nearly $1 trillion coronavirus relief plan on Monday.

Senate Majority Leader Mitch McConnell announced the Health, Economic Assistance, Liability Protection and Schools, or HEALS, Act that includes an extra $200 per week in unemployment insurance, down from $600 in the earlier CARES Act, and more money for schools, among other measures.

The bill also proposes a second $1,200 economic impact payment. 

According to a memo from the Senate Finance Committee (SFC), the second round of checks will follow the same eligibility formula as the first round.

Qualifying individuals earning an adjusted gross income up to $75,000 per year in 2019, and couples earning $150,000, will receive the full $1,200 or $2,400, respectively. From there, the checks will be reduced by $5 for every $100 in income, phasing out entirely at $99,000 and $198,000.

SFC says even for those individuals who do not have income, as well as those whose income comes entirely from non-taxable programs such as SSI benefits, are eligible for a full rebate amount.

Just like the CARES Act, each dependent will receive $500. The CARES Act capped the dependent payment at age 17, excluding many college students and other adult dependents from receiving a check.

CNBC reports in the new bill, the Senate also clarifies that anyone who died prior to January 1, 2020 cannot receive a check.

It also precludes anyone who is in prison from receiving one.

To get yours, the IRS needs either your bank account information or address. You can provide those on the IRS’s website. 

Sources say nothing is set in stone yet. Now, leaders from the House — which introduced the $3 trillion HEROES Act in May — and Senate will negotiate before the final package is passed.

Negotiations are expected to extend into August. 

If the bill passes with the $1,200 checks included, it could take weeks or months for Americans to receive the payment.