Covid-19 UPDATE: Get A $2,000 Stimulus Check Every Month

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As millions of Americans receive their $1,200 stimulus check today, a new proposal would give you $2,000 a month during the Coronavirus pandemic.

Here’s what you need to know.

Proposal: New Legislation

Two House Democrats want to enhance the $2.2 trillion stimulus package known as the CARES Act. Representatives Tim Ryan (D-OH) and Ro Khanna (D-CA) have introduced new congressional legislation — the Emergency Money for the People Act — to provide $2,000 per month to Americans who have been impacted by the COVID-19 pandemic. Under their proposed legislation, the congressmen would continue monthly cash payments to eligible Americans until employment returns to pre-COVID-19 levels. “A one-time, twelve hundred dollar check isn’t going to cut it,” Rep. Khanna said. “Americans need sustained cash infusions for the duration of this crisis in order to come out on the other side alive, healthy, and ready to get back to work.”

How It Would Work

The Emergency Money for the People Act would work like this:

  • Eligible Americans would receive $2,000 in cash per month guaranteed for at least six months.
  • These monthly cash payments would continue until the employment to population ratio for people ages 16 and older is greater than 60%.
  • The monthly cash payments would not count as income.
  • The monthly cash payments would not adversely impact anyone’s ability to qualify for an income-based federal or state assistance program.

Who’s Eligible

As with the $1,200 stimulus check (Economic Impact Payment), not every American would be eligible. Here’s who would get a monthly cash payment under this proposed legislation:

  • Every American adult age 16 and older making less than $130,000 annually would receive $2,000 a month;
  • Married couples earning less than $260,000 would receive at least $4,000 per month;
  • Qualifying families with children will receive an additional $500 per child, with funds capped at a maximum of three children.

For example, if you earn $100,000 of adjusted gross income per year and are a single tax filer, you would receive $2,000 a month. If you are married with no children and earn a combined $180,000 a year, you would receive $4,000 a month. If you are married with two children and earn a combined $200,000 a year, you would receive $5,000 a month. If you are married with five children and earn a combined $200,000 a year, you would receive a maximum of $5,500 a month because the $500 per dependent payment is only available for three children.

What if you don’t earn income or are unemployed?

If you had no earnings, were unemployed or are currently unemployed, you would be eligible.

What if you were not eligible for a stimulus check based on your 2018 or 2019 tax return, but you will be eligible in 2020?

You can be eligible and would need to submit at least two consecutive months of paychecks to verify your income.

Will most college students and adults with disabilities be excluded from these monthly payments?

No. Unlike the CARES Act, the Emergency Money for the People Act would make eligible college students and adults with disabilities who are still claimed as a dependent. The individual would receive the monthly payment and their parent or guardian would receive the dependent credit.