The Republican-led Senate introduced the Health, Economic Assistance, Liability, and Schools (HEALS) Act on July 27. Even though the HEALS Act are still under negotiation between Republicans and Democrats, U.S. residents want to know what financial support they can expect from the HEALS Act.

The HEALS Act contains another direct stimulus payment to U.S. taxpayers. Recipients must be U.S. resident for taxable purpose, have Social Security Number (SSN) and meet certain adjusted gross income thresholds. Individuals who receive Social Security retirement or disability benefits, or who receive Railroad Retirement benefits but didn’t file a return for 2019 or 2018 will automatically receive the payment. These maximum payouts are exactly the same for individuals ($1,200) and couples filing jointly ($2,400) as they were under the CARES Act.

The Qualifying thresholds under HEALS Act to receive a stimulus payment are also staying the same under CARES Act. Single, head-of-household, and married tax filers whose adjusted gross income (AGI) falls below $75,000, $112,500, and $150,000, respectively, will receive the full payout. On the other hand, single, head-of-household, and married filers with respective AGI's at least $99,000, $136,500, and $198,000 will not be eligible to receive any stimulus payment. Individuals with AGI fall in between these upper and lower bounds will receive a reduced payout (a $5 payout reduction for every $100 in AGI above the lower bound).

Unlike the CARES Act, which increased a parent's or household's payout by $500 for each dependent aged 16 and under, the HEALS Act has no age-related restrictions on dependents. This means a parent, household, or guardian with a senior dependent or college-age dependent can receive the $500 check.