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With the coronavirus pandemic continuing to ravage the U.S. economy, more stimulus checks could be in the cards for American taxpayers.
Democrats in the House of Representatives unveiled a new $3 trillion economic stimulus package yesterday, and they’re calling for yet another round of stimulus payments meant to alleviate the economic burden on U.S. households.
How much would the next round of stimulus checks be worth?
Like the CARES Act, the $2.2 trillion coronavirus aid package signed into law in March, the new bill—known as the HEROES Act—calls for direct payments of up to $1,200 for Americans earning up to $75,000 per year and $2,400 for couples earning up to $150,000 annually.
But the HEROES Act would also provide significantly more money to families with children—potentially up to $6,000 in total for a household with three dependents. Whereas the CARES Act allowed parents to claim an additional $500 per child, the HEROES Act would bump that up to $1,200 per dependent (including adult-age dependents) for up to three dependents.
Would unemployment benefits be extended in the next stimulus?
The proposed bill would also further expand the CARES Act’s historic unemployment insurance measures. It would extend the federal government’s $600 weekly unemployment benefit through January 2021 (it’s currently slated to expire at the end of July under the CARES Act) and would maintain unemployment benefits for part-time workers, independent contractors, gig workers and the self-employed through March 2021 (instead of through the end of this year).
But while House Democrats are eager to bring the HEROES Act to a vote, it’s likely that the bill will look drastically different by the time the legislative process is all said and done—if it passes at all. Senate majority leader Mitch McConnell has already cast doubts on the need for an additional coronavirus relief measure, while House minority whip Steve Scalise described the bill as a “non-starter.”
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—McConnell focuses Senate on conservative judge appointments rather than coronavirus
—Real unemployment rate soars past 24.9%—and the U.S. has now lost 33.5 million jobs
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: Fortune’s top 10 heroes of the coronavirus pandemic
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