There may be a second round of coronavirus stimulus checks coming your way.
On Monday, Senate Majority Leader Mitch McConnell (R-Ky.) unveiled the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, a $1 trillion bill that proposes a second $1,200 economic impact payment.
The same income restrictions from the earlier CARES Act apply: If you earn more than $75,000 as an individual or $150,000 as a couple, the total amount you're eligible to receive starts to decrease. If you earn $99,000 or more as an individual or $198,000 as a couple, you aren't eligible to receive a stimulus check.
Individuals will also receive $500 for each dependent, just like under the CARES Act. Unlike the first time around, though, there is no age cap for dependents. The CARES Act capped the dependent payment at 17, excluding many college students and other adult dependents from receiving a check.
The new bill also clarifies that anyone who died prior to January 1, 2020 cannot receive a check. Also, anyone who is in prison cannot receive one.
To help you figure out how much money you could get from the next round of checks, Grow, a personal finance website published by CNBC and Acorns, created a calculator that factors in your filing status, annual income and the number of dependents you have.
The more you earn, the less money you'd get. If you earn $75,000 or less as an individual, you'd get the full $1,200. If you earn more than that, $5 would be subtracted for every additional $100 of income. (The checks phase out completely if you earn $99,000 or more.) The same sliding scale applies for couples earning between $150,000 and $198,000.
For more information, check out what you need to know about who would qualify for the second round of stimulus checks under the HEALS Act.
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