New $2,000 Monthly Stimulus Payment Proposed By Senators Harris, Sanders And Markey

Former Presidential candidates Kamala Harris and Bernie Sanders are teaming up to introduce a new … [+] stimulus check proposal.

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The COVID-19 emergency has had a devastating impact on our economy and there is growing support for a second stimulus payment to help ease the financial burden many Americans are facing.

Over the last few weeks, several members of Congress have proposed new stimulus measures that would provide additional financial relief to struggling Americans. These include proposals that would provide a $2,000 monthly payment during the crisis and a $1,000 payment for a year afterward, another that would provide $2,000 per month for up to a year, and a proposal that would cancel rent and mortgage payments.

Today, Senator Kamala Harris (D-CA), along with Senators Bernie Sanders (I-VT) and Ed Markey (D-MA), will introduce the Monthly Economic Crisis Support Act, a rebate program that would provide monthly stimulus payments to eligible recipients. A draft of the bill has been provided to Politico.

Eligible individuals would receive $2,000 per month ($4,000 per month for married filing jointly), plus an additional $2,000 per month for each qualified dependent, up to a maximum of three dependents.

Who Would Be Eligible?

Eligible individuals would include any individual other than:

Any nonresident alien individual,
Any individual who can be claimed as a dependent under section 151, and
An estate or trust.

Eligibility is also based on income. The bill states there are limitations on the Adjusted Gross Income (AGI) and payments shall be reduced (but not below zero) by 10 percent for the amount of the taxpayer’s AGI that exceeds

(A) $200,000 in the case of a joint return,
(B) $150,000 in the case of a head of household, and
(C) $100,000 in the case of a taxpayer not described in subparagraph (A) or (B).

How Would Payments Be Made?

Payments would be made via direct deposit when possible. Like the stimulus payments under the CARES Act, this bill would make payments via direct deposit if the IRS has the taxpayer’s information on file.

The proposal also calls for the payments to be made through other means as determined by the Secretary of the Treasury, including through the use of stored value cards and cards and online payment systems.

When Would Payments Be Made and for How Long?

This stimulus, while being proposed in May, would be retroactive to March 1, 2020, and would end three months after the end of the COVID-19 emergency, as declared by the Secretary of Health and Human Services.

The bill contains language that would prevent financial institutions from freezing or garnishing any portion of the payments.

You can read a draft of the bill here.

Stimulus Proposal: $2,000 Monthly Payment Plus $1,000 Per Month Until 1 Year After Crisis Ends

Proposed: $2,000 Monthly Stimulus Checks And Canceled Rent And Mortgage Payments For 1 Year

Will The $2,000 Monthly Stimulus Check Proposal Save Our Economy?

Six Reasons You Haven’t Received Your Stimulus Check – And Steps To Take Next

This article was originally published by Forbes.com. Read the original article here.