10am ET March 9, 2021House Majority Leader Steny Hoyer had initially said the House would vote on the emergency bill Tuesday, but now the vote will “most likely” take place Wednesday, a senior Democratic leadership aide told CNN.
President Joe Biden assured Americans that “aid is on the way” in the form of a $1.9 trillion Covid-19 relief bill passed by the Senate Saturday and going back to the House this week for final approval.
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While the legislation is well on its way to becoming law, there are a few things that need to happen first.
The bill will be voted on in the House of Representatives after it has been passed by the Senate on Saturday. House Majority Leader Steny Hoyer, D-Maryland, said Senate approval of the bill is expected on Tuesday. The bill will then be sent to Biden’s office for his signature, likely on Wednesday, making it law.
D-California House Speaker Nancy Pelosi said she is hopeful that some bipartisan support will push through final approval of the bill in the House.
“The House now hopes to have a bipartisan vote on this life-saving legislation and urges Republicans to join us in recognizing the devastating reality of this vicious virus and economic crisis and the need for decisive action.” , she said.
Not a single Republican in Congress voted in favor of the stimulus bill in the final ballot. Because of the reconciliation process used to pass the bill, no Republican support was needed, as the GOP is outnumbered in both chambers.
How soon will the programs go into effect after Biden signs the bill and when can you expect your stimulus check?
If recent history is any indication, it will happen pretty soon.
When do the checks go out?
The IRS began sending $600 stimulus checks three days after President Donald Trump signed the previous stimulus bill in December. It’s likely that kind of timeline will be followed with this check.
Not all payments go out in one day. If the IRS has your direct deposit information, you’ll probably get the instant payment first.
Some people get their payments through a paper check or debit card, and getting the money that way takes a little longer because it’s sent through the mail.
Who will get them?
The criteria for obtaining the direct payment are different from the first two stimulus checks. The full payment of $1,400 goes to individuals earning less than $75,000 and couples earning less than $150,000. Those who meet the income requirements will receive an additional $1,400 per dependent.
Payments are gradually being phased out to $80,000 for individuals and married couples earning more than $160,000, regardless of how many children they have.
About 8%-10% of those who have received payment in the last two rounds will not receive payment this time.
If you receive Social Security retirement benefits, Supplemental Security Income, Railroad or Veterans Affairs retirement benefits, you will receive the incentive payment the same way you receive those payments. You do not need to take any additional steps to receive the payment.
What about the other programs?
Financial aid in the form of federal unemployment benefits, tax credits and health insurance is also on the way.
Both Pelosi and Senate Leader Chuck Schumer, DN.Y., said the COVID-19 law should be passed as soon as possible because federal unemployment benefits extended with previous COVID-19 aid packages would expire on Sunday.
Currently, Senate and House bills differ on the provisions. The House wants to give $400 a week through August 29. A compromise in the Senate calls for $300 a week through September 6.
If the House approves the Senate plan, those who receive the benefits are unlikely to see any interruption in payments. However, some states require full guidance from the U.S. Department of Labor to implement the program, and that can delay benefits for up to three weeks.
Health Insurance Grants
Those who receive health insurance under the Affordable Care Act, commonly referred to as “Obamacare,” will receive help with the cost of premiums.
Under the bill, registered members are charged a maximum of 8.5% of their income as a premium. Also, those who earn more than the current limit of 400% of the federal poverty level — about $51,000 for an individual and $104,800 for a family of four in 2021 — would be eligible for aid.
If you qualify for the federal premium subsidies for “Obamacare,” you won’t see those regulations go into effect right away. It may take several weeks for the Healthcare.gov program to update.
The provision has retroactive effect to January and is valid for two years.
If you are unemployed, you can enroll in the program without contributions in 2021. For enrollees with a lower income, the premium can be completely eliminated during the two-year period.
Child Tax Credit
This COVID-19 relief includes temporary improvements to the child discount that will provide parents of children up to the age of 17 with some extra cash.
Both the House and Senate bills include an increase in the child tax credit to $3,600 for each child under age 6 and $3,000 for each child between the ages of 6 and 17 by 2021. The credit would become fully repayable for the entire year. and can be paid monthly. than as a lump sum at tax time. That program starts in July.
Cox Media Group