Whats in the Heroes Act and what it could mean for you if passed

Posted at 1:00 PM, May 14, 2020
and last updated 2020-05-14 14:00:03-04

WACO, TX — A second round of stimulus checks might be in the works under the new HEROES Act.

The economic rescue legislation proposed on Tuesday by House Speaker Nancy Pelosi, tops out near the $3 trillion dollar mark.

Different from the CARES Act in March, the HEROES Act allocates funds to of increased amount to dependents, while allocating money for other entities.

If passed, like the CARES Act, the HEROES Act would provide stimulus checks to eligible Americans of $1,200, for those making $75,000 or less annually. Married couples who earn $150,000 or less annually would be eligible for $2,400. The HEROES Act however would boost the amount distributed for each dependent from $500 to $1,200, for up to $6,000 per family.

The HEROES Act would also establish hazard pay of $200 billion for essential workers, called the 'Heroes' Fund'.

If passed, 1 trillion would be provided to state, local, territorial and tribal governments who are experiencing budgetary gaps.

Also the HEROES Act would work to create funds for testing, OSHA practices, protection for small businesses, renters/homeowner assistance, SNAP benefits and more.

25 News spoke with local economist Ray Perryman who said "we need another stimulus package, I'll start with that, it is going to increase our debt and our deficits, there’s no way around that right now, we've already increased by around 3 trillion dollars or more since this started, the federal reserve has put alot of money into the economy, so we are raising our long term debt right now."

Many from the community said if they were to receive a second stimulus check they would put the funds towards, bills, groceries or savings.

On Wednesday President Trump described the $3 trillion plan as "DOA".

The HEROES Act could be voted on as early as Friday.