Will there even be a second economic stimulus check? Ask Congress that question. In regards to how much will the proposed second economic stimulus check be, that's a little influx at the moment but it appears to be at least $1,200 again, with the language being debated over extra funds for dependents living with you. Here is what we know, which isn't saying a lot, right now.

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Right now as it stands Congress and the White House have about a week before the Senate's planned recess to pass another stimulus bill. The self-appointed deadline is this Friday, August 7th, and there is still some ground to be made up with the HEALs Act. The divide is focused on some key issues like enhanced unemployment assistance. Cnet.com states that all sides agree on the payment being up to $1,200 based on your eligibility.

So what is the eligibility to receiving a HEALs Act check? The Senate version looks like this: 

  • A single US resident with an adjusted gross income of less than $99,000.
  • A head of a household earning under $146,500.
  • A couple filing jointly without children and earning less than $198,000.
  • A dependent of any age.

Individuals could receive $1,200 couples filing jointly could see up to $2,400, with dependents of any age adding an additional $500 per dependent.

One change from the CARES Act that passed back in March, is that "the CARES Act failed to clearly spell out is whether or not banks and creditors had a right to Economic Impact Payments if a person was in arrears on a loan. The HEALS Act makes that clear: Banks and creditors wouldn't be able to garnish these payments", according to The Motley Fool.

So there are a lot of moving pieces right now, namely Congress passing something by Friday, but it looks like for some it will be another $1,200.

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