Episode 140: Second Stimulus Check Update & How Much You May Be Getting

Updated Aug 02, 2020 | Chris Petrie

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On Monday, the Senate pushed through the HEALS Act which is expected to be signed into law on August 7th.

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What to Expect from the HEALS Act

Similar to the CARES Act, the HEALS Act may offer more to the average American than earlier in the year.

Stimulus Checks

$1,200 for individuals making less than $75k and phasing out at $99k
$2,400 for families making less than $150k and phasing out at $198k
$500 for dependents 19 and younger OR 24 and younger if they are a student

Unemployment Benefits

The $600 weekly benefit (in addition to state benefits) expires on 07/31/2020
Decreased amount to $200 per week (in addition to state benefits) through September and then 70% wage increase, up to $500, from October through December 31st.

School Reopening

$70 billion to K-12 that open for in-person classes
$29 billion for higher education
$1 billion for Bureau of Indian Education
$5 billion to be used by each state at their discretion

Coronavirus Testing

$16 billion

This is only what has been proposed by the Senate on Monday and is expected to pass by August 7th. Talks from both sides of the aisle and President Trump have also mentioned that the package may even offer more than this current proposal.

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Chris Petrie

Chris (Peach) Petrie is a personal finance expert, money coach, speaker and podcaster.

In 2011, Chris and his family were exhausted from living paycheck-to-paycheck and facing a mountain of debt. They started going against the society standards of misbehaving with money and made the decision to take back control of their lives and money. Within seven months they paid off $52,000, started saving like crazy and began building real wealth.

The word spread fast and Chris started showing friends how to create a budget over dinner. Soon after he started showing their friends how to do the same and eventually Chris started teaching personal finance classes around the community. As the need for the classes grew, Chris launched Money Peach in 2015.

Money Peach was created to help everyday people remove the stress and fear of money by showing them how to save more, make more, and keep more of their money.

Chris Peach has been featured in places like Business Insider, The Huffington Post, Elite Daily, and CheddarTV.

When Chris isn’t at “work” he can be found at the Crossfit gym or riding on the fire truck — Chris is also a full-time firefighter in Phoenix, Arizona.

2 Comments

jacqueline mcgeary August 02, 2020

i hope we get it so when do you think when are we going to get it

Reply
- Chris Petrie August 02, 2020
  
  Hi Jacqueline – going off of the CARES Act timeline, it may look something like this: If the Senate passes the bill on the August 6th and then the House passes it on August 7th, this could mean the President signs it into law on Monday, August 10th. Checks went out 2 weeks after the President signed the first CARES Act into law, so I would assume the earliest you would see a check is on August 24th.
  
  Reply