With President Joe Biden in office, when could Americans see a third coronavirus stimulus check of Biden’s plan? Here’s a possible timeline.
WASHINGTON — Before being sworn in, President Joe Biden announced a $1.9 trillion coronavirus plan, including $1,400 stimulus checks for struggling Americans.
The ‘US bailout’ could trigger another round of aid to stabilize the economy as public health efforts seek to gain the upper hand over the pandemic. It would also meet Biden’s goal of administering 100 million vaccines by the 100th day of his administration, while furthering his goal of reopening most schools by spring.
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So, now that Biden is sworn in and the US House and Senate are controlled by Democrats, when can Americans get a third Economic Impact Payment?
When will the 3rd stimulus checks be released?
Americans will have to wait for Biden’s $1.9 trillion stimulus plan, or something similar, to be introduced and passed in Congress. However, it is unclear how long that will take.
The US Senate is currently split 50-50, but the Democrats control the chamber because Vice President Kamala Harris is the deciding vote.
The legislation would need 60 votes to pass in the US Senate, so Biden would need the support of at least 10 Republicans and every Democrat to pass. However, the Democrats could use a budgetary tool — known as reconciliation — that would allow the Senate to pass a potential bill with just 51 votes.
House Speaker Nancy Pelosi told reporters Thursday morning that Democrats will be “all set” to take to the floor in the first week of February to pass a coronavirus package.
CBS News reported that the package may not be accepted until mid-February to mid-March, and that doesn’t include processing the checks and mailing them.
During the first round of stimulus checks in April 2020, it took about two weeks for the federal government to start handing out the money. It took about a week for the second round of checks, worth $600, to begin in early January.
Assuming Congress can pass Biden’s relief bill from mid-February to mid-March, Americans could receive the third stimulus checks sometime from late February to late March.
So, in short, a third check won’t come for a month.
Why $1,400 checks and not $2,000?
Biden’s plan required $1,400 checks for most Americans, which, in addition to the $600 provided in the most recent COVID-19 bill, would bring the total to the $2,000 Biden has requested.
What else is in Biden’s $1.9 trillion package?
According to Biden’s multi-track strategy, about $400 billion would go directly to fighting the pandemic, with the rest focused on economic aid and aid to states and localities.
About $20 billion would be allocated for a more disciplined focus on vaccination, on top of the roughly $8 billion already approved by Congress. Biden has called for mass vaccination centers to be set up and mobile units to be sent to hard-to-reach areas.
click here to see the full breakdown of where the funds will be allocated.
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Who is eligible for the second stimulus check?
Because the second stimulus check approved by Congress is half the size of the first check, not everyone who got a payment in the spring will get money this time around.
Under the current plan, if your reported income was $75,000 or less, you would qualify for the full one-time payment of $600. Couples who reported adjusted gross income up to $150,000 would receive $1,200.
If you reported earning more than $75,000, you would receive partial payments that decrease by $5 for every $100 over the income limits.
So, for example, a person who made $86,900 would get $5 under the approved plan of Congress. During the first round of direct money, the money was gradually reduced to $99,000 for a single filer.
If you’re a couple making $174,000 or more, or a householder earning more than $124,500, you won’t get a second stimulus check either.
Why have I not received my stimulus?
There are a number of reasons why you may not have received your $600 stimulus check. First, you may be making too much money to qualify now that it’s a smaller amount than the first round of checks.
If you were expecting a check but still haven’t received it, the IRS ran into some problems in the beginning. Many people who submitted their tax returns to an online preparation service initially found that their payment had not arrived directly to them. It is possible that money has been transferred to a temporary bank account that has been set up by the tax preparer, which is no longer active. By law, the financial institution must return payments to closed or inactive accounts.
Since then, a number of tax preparation companies have said they have been able to resolve the issues.
While the IRS continues to make the payments, eligible taxpayers who do not receive payment, or who have received less than they should have, can claim it using the Recovery Rebate Credit when they file their 2020 tax returns.