Republican senators propose $1,000 stimulus checks

Personal Finance

Sen. Marco Rubio, R-Fla., and Sen. Mitt Romney, R-Utah, at a town hall meeting in Aston, Pa., in 2012 when Romney, as governor of Utah, was campaigning for U.S. president.

AP Photo/Jae C. Hong

A second set of stimulus checks could be on the way, but the ink on the deal hasn’t dried yet.

On Thursday, a group of Republican senators introduced a bill that would lower the sum the government sends out to $1,000. Previous Republican and Democrat proposals have called for $1,200 checks to adults and $500 to dependents.

Under the terms of the new bill, the $1,000 checks would be sent to all Americans, regardless of their age or dependent status.

More from Personal Finance:
Trump wants stimulus checks to be more than $1,200
How HEALS Act stimulus checks would be different
How soon you can expect another stimulus check in the mail

Both adults and dependents would need to have valid Social Security numbers in order to receive the money. Under the bill, a qualifying family of four could potentially receive $4,000 — $600 more than they would receive under the CARES Act.

The bill is called the Coronavirus Assistance for American Families Act. It was proposed by Sens. Bill Cassidy, R-La.; Steve Daines, R-Mont.; Mitt Romney, R-Utah; and Marco Rubio, R-Fla.

Unlike the CARES Act, this proposal would include all adult dependents, including college students and individuals with disabilities.

Americans who are married to foreign nationals would also be eligible.

Individuals who are foreign nationals or who file their tax returns with Individual Taxpayer Identification Numbers, or ITINs, would not qualify.

Products You May Like

Articles You May Like

New F1 CEO will need to address future of U.S. Grand Prix in Austin as racetrack deal set to expire after 2021 season
Luxury electric cars take the spotlight in China’s condensed auto show
Dow futures drop 200 points after worse-than-expected jobless claims
Nike shares soar 13% as online sales jump 82%, retailer sees rebound in China
Stocks making the biggest moves in the premarket: Accenture, Darden Restaurants, BlackBerry & more

Leave a Reply

Your email address will not be published. Required fields are marked *