HEROES Act: The 7 Biggest Things it Offers

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22 May HEROES Act: The 7 Biggest Things it Offers

If you haven’t heard, there have been talks about another round of stimulus checks for a while. Last week, the Health and Economic Recovery Omnibus Stimulations (HEROES) Act was passed through the House of Representatives. As it moves toward the Senate, there are many questions about what it entails.

For your convenience, here are the 10 biggest things it offers.

  1. Second Round of Economic Impact Payments

    The CARES Act provided Economic Impact Payments for most Americans. The HEROES Act would bring another round of those to the same people. The amounts would be $1200 for an individual, $2400 to those married filing jointly, and an additional $1200 for no more than three dependents. The thinking behind this is that the initial $1200 was criticized as not being enough for most Americans suffering financial hardship.

  2. Hazard Pay for Essential Workers

    The HEROES Act will also give hazard pay to frontline workers (especially healthcare workers). The Senate has also been vocally against the HEROES Act, but said it was willing to negotiate on hazard pay. Either way, if this act is approved, then hazard pay for essential workers is practically guaranteed.

  3. Unemployment Extension

    The HEROES Act would extend the $600/week unemployment until January 2021. Additionally, independent contractors, part-time workers, and more will now get access to unemployment benefits until March 2021.

  4. Student Loan Forgiveness 

    Student loan payments are already in forbearance until September 2020. Under the HEROES Act, loans will be deferred through September 2021, and amounts will be forgiven up to $10,000.

  5. Free COVID-19 Treatment

    The Act will give extra money to allow for COVID-19 testing. In addition, it proposes that treatment for those infected will be free.

  6. Money for USPS 

    The Postal Service has been on hard times since the pandemic started. The HEROES Act would give $25 billion to the service and prevent it from running out of income.

  7. Eviction Protection 

    Under this Act, low-income renters would receive emergency assistance if necessary. Homeowners would also receive mortgage assistance. With many Americans’ income struggling, this would prevent them from losing their homes.

We’ll be keeping an eye on this story as it develops, so follow our Facebook page for any updates. Additionally, if you need any tax help or advice, call us at 614-524-4888 or 614-310-0506!

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