Senate Democrats agreed biden Management $1.9 trillion Coronavirus Relief package that paves the way for a third $1,400 stimulus check for millions of Americans — and households could start receiving that money in just a few weeks.
The US bailout plan will now go to the House of Representatives for final approval, which is expected on Wednesday. Once Congress approves the emergency aid bill, President Biden must sign the money-release bill into law; He is widely expected to do so before Sunday, when two key unemployment benefit schemes expire.
The IRS and Treasury Department would then distribute the cash payments through direct deposit, mailed checks, and prepaid debit cards.
“The first set of payments will go to any taxpayer who made a direct deposit in 2019 or 2020, followed by taxpayers who failed to provide that information,” he said White House Press Secretary Jen Psaki during a Wednesday briefing.
It took the federal government about two weeks to begin distributing the first $1,200 payment in April and about a week to send out the second round of $600 checks in January. White House press secretary Jen Psaki said Monday that Biden expects checks to be received by a “large number” of Americans by the end of March.
The cash payments included in the nearly $2 trillion stimulus bill are the largest yet, with people earning $75,000 or less eligible for the fully promised $1,400. Couples earning $150,000 or less will receive a check worth $2,800. Households will receive an additional $1,400 for each dependent child claimed on their most recent tax returns.
As in previous rounds, Americans earning above the threshold line will continue to receive a partial check. But the money will run out faster than previous rounds and payments for about 16 million Americans who qualified for previous aid payments will halt, according to a preliminary study analysis Published by the left-leaning Institute on Taxation and Economic Policy.
Individuals earning $80,000 or more per year and couples earning $160,000 or more per year no longer qualify for the checks. That means individuals earning between $80,000 and $100,000 and couples earning between $160,000 and $200,000 are exempt from partial screening under the legislation.
The American Rescue Plan also extends unemployment benefits to $300 a week through August, expands the child tax credit to offer parents up to $3,600 per child, includes $350 billion in funding for state and local governments, and provides billions of dollars for the Vaccine distribution ready.