The House passed a $2.2 trillion scaled-back version of the Heroes Act. While much of the news focuses on a second stimulus check, individuals and families could receive far more money from other provisions of the bill. Here’s a list of some of the direct payments and other benefits individuals and families could receive now that the HEROES Act Passed: 10 Things You Need To Know. Enjoy! Add me on Instagram: beck.zack

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Stimulus Checks

The revised Heroes Act includes a second round of stimulus checks, officially called Economic Impact Payments. The amounts are the same as the first round:

$1,200 for individuals
$2,400 for joint filers, and
$500 for qualified dependents.

The income limitations are the same, although some eligibility requirements have been relaxed.

Unemployment Benefits

The bill would continue the $600 per week Federal Pandemic Unemployment Compensation (FPUC) supplement through January 31, 2021.

Earned Income Tax Credit

The Heroes Act expands eligibility for and the amount of the Earned Income Tax Credit (EITC). For those with no qualifying children it decreases the eligibility age from 25 to 19 and the upper age from 65 to 66. It also increase the amount of the credit. The result is that in 2020 the maximum credit increases from $538 to $1,487.

Child Tax Credit

The House bill makes the Child Tax Credit fully refundable in 2020. Under current law, while the Child Tax Credit is $2,000, only $1,400 of that credit is a refundable credit. In other words, one can use the full $2,000 to offset tax liability.

Dependent Care Assistance

The House stimulus bill makes significant changes to the child and dependent care tax credit (CDCTC). The Heroes Act would expand the CDCTC for 2020 in several ways:

Double the credit from $3,000 to $6,000;
Increase the income phaseout threshold from $15,000 to $120,000;
Makes the credit fully refundable; and
Increases the maximum credit rate fro 35% to 50%.

SNAP Food Support

The bill makes several important changes to the Supplemental Nutrition Assistance Program (SNAP):

Increases SNAP benefit levels by 15% and the minimum benefit for small households from $16 to $30 a month through September 30, 2021;
Lifts mandatory work requirements for one year;
Excludes FPUC benefits from the income eligibility calculation; and
Prevents students from losing SNAP benefits due to work study or job loss.
According to Speaker Pelosi, the additional benefits would be worth more than $100 a month for a qualifying family of four.

Other Stimulus Provisions

There are countless other provisions in the Heroes Act that would directly or indirectly benefit individuals and families. These include:

Rental Assistance: Authorizes $50 billion for an Emergency Rental Assistance program. This program would assist tenants with rent and utility bills. It would also help landlords cover their costs.

Homeowners Assistance: Authorizes $21 billion to help homeowners cover mortgage payments, property tax and insurance, utility bills, and other housing costs.
State and Local Aid: Authorizes over $400 billion in aid to state and local governments.

School Aid: Authorizes $225 billion to support educational needs.
Student Loans: Continues and expands on student loan relief.
Status of Stimulus Negotiations

What a final package that’s signed into law will look like, however, remains to be seen. While it’s unlikely a final deal would include all of the above provisions, it likely will include many of them. The big question on the minds of many is when will an agreement be reached?

DISCLAIMERS & DISCLOSURES

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