$1,400 checks now on the table – Community News
Stimulus Check

$1,400 checks now on the table

Most important points:

  • $1,400 checks would bring most Americans’ most recent stimulus payouts to $2,000.
  • More people would qualify for stimulus checks.
  • Nothing is certain yet. Legislation has yet to make its way to the Senate and the House, and then to the president’s office.
  • People with direct deposit information registered with the IRS would receive payments faster.

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In late December, lawmakers approved a $900 billion coronavirus relief bill — the first measure of its kind to follow the CARES bill, which was signed into law in late March 2020. While Americans were no doubt relieved to see the December bill come with a $600 incentive check, many felt that amount was too little — especially in light of the millions of people who still have no jobs and no savings to hold. ticking in these difficult times.

President-elect Joe Biden made it clear from the outset that he would like to push through additional aid to help those most financially affected by the pandemic. And on January 14, he announced the details of his new stimulus proposal.

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There are now $1,400 incentive checks on the table

For weeks, lawmakers talked about giving the public $2,000 incentive checks instead of $600 to make a more meaningful impact for people in need of money. But that didn’t necessarily mean that the recipients would collect their initial stimulus of $600 and receive another $2,000 on top of that. Rather, lawmakers had said from the outset that the $2,000 more payments would be an increase so that those who already got their $600 would queue up for $1,400 more.

Biden’s new proposal simplifies things a bit by calling for stimulus payments of $1,400. And to be clear, that’s $1,400 that eligible recipients would get in full, bringing their total amount of recent stimulus cash to $2,000 if we add up the $600 just spent.

But here’s a big plus in Biden’s proposal: More people could qualify for stimulus money. For the most recent round of payments, children under 17 were eligible for a $600 incentive check. However, Biden wants his $1,400 payments to include all adult dependents.

In addition, Biden did not indicate that he would adjust income limits to qualify for stimulus for his final round. But lawmakers have called for more targeted stimulus, so we’ll have to wait and see if lower phase-outs are made to ensure that money goes to those who are really struggling.

When do those $1,400 incentive checks go out?

Let’s not get ahead of ourselves — right now, Biden’s proposal is just that. Those $1,400 payments to get the green light will require lawmakers to approve Biden’s bill. But now that Democrats have a majority in the Senate, this is more likely to happen, and once it does, Americans could see their extra stimulus money in weeks.

As was the case with the latest round of $600 checks, those with direct deposit information registered with the IRS will get their money the fastest. Those who have not registered bank account details will have to wait for a paper check or debit card with their incentive money to arrive in the mail.

Biden has made it clear that he wants to send additional aid to the public within the first 100 days of his term in office. As such, there is reason to believe that he will push for an early vote on his proposal to get that stimulus around as quickly as possible.