$1,400 stimulus check update: When could you get your third payment? – Community News
Stimulus Check

$1,400 stimulus check update: When could you get your third payment?

Senate Democrats approved the Biden administration’s $1.9 trillion dollar emergency aid package, paving the way for a third $1,400 stimulus check for millions of Americans — and households could start receiving the money in weeks.

The US bailout plan now goes to the House for final approval, expected Wednesday. Once Congress passes the emergency relief bill, President Biden must sign legislation to release the money; he is generally expected to do this before Sunday, when two major programs of assistance to the unemployed come to an end.

The IRS and the Treasury Department would then distribute the cash payments via direct deposit, mailed checks and prepaid debit cards.

“The first set of payments will go to all taxpayers who filed returns in 2019 or 2020, followed by taxpayers who failed to provide that information,” he said. White House Press Secretary Jen Psaki at a briefing on Wednesday.

WHAT’S IN BIDEN’S $1.9T STIMULUS PLAN?

It took the federal government about two weeks to start handing out the first round of $1,200 payments in April, and about a week to send the second round of checks, worth $600, in January. White House press secretary Jen Psaki said Monday that Biden expects a “large number” of Americans to receive checks by the end of March.

The cash payments included in the nearly $2 trillion incentive bill are the largest to date, with individuals making $75,000 or less eligible to receive the $1,400 in full pledged. Couples making $150,000 or less will receive a check for $2,800. Households receive an additional $1,400 for each dependent child claimed on their most recent tax return.

SOME FAMILIES CAN RECEIVE UP TO $14,000 FROM BIDEN’S RELIEF BIIL

As with previous rounds, Americans who earn more than the threshold line will still get a partial check. But the money will disappear faster than previous rounds, halting payments for about 16 million Americans who were eligible for previous aid payments, according to a preliminary analysis published by the left-wing Institute on Taxation and Economic Policy.

Individuals making $80,000 a year or more and couples making $160,000 a year or more are no longer eligible for the checks. That means individuals earning between $80,000 and $100,000, and couples earning between $160,000 and $200,000, were recently barred from partial scrutiny under the law.

The US bailout also extends unemployment benefits from $300 a week until August, expands the child tax credit to provide parents with up to $3,600 per child, includes $350 billion in funding for state and local governments, and allocates billions of dollars for the distribution of vaccines.

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