New $1,400 payment is getting closer – Community News
Stimulus Check

New $1,400 payment is getting closer

The third stimulus check: $1,400 new payment is getting closer

The third stimulus check: $1,400 new payment is getting closer

It’s been over a month since the IRS started sending Americans their second COVID stimulus checks, for $600. So where are the other $1,400 leaders who talked about quick-approval—turning that last instant payment into an even $ 2,000?

The extra money has been held up by political maneuvering over President Joe Biden’s broader $1.9 trillion pandemic rescue package. But House Speaker Nancy Pelosi and the other Democrats who control Congress are now having the new money at lightning speed.

Here’s an update, including the latest estimate on when you’re likely to receive your third stimulus check.

Biden: ‘No if, and if but’ over new stimulus checks and other relief

Stack of 100 dollar bills with illustrative coronavirus stimulus check to show the payment of the virus stimulus to Americans

Steve Heap / Shutterstock

“The COVID aid must pass,” President Biden said. “No If, and or but.”

The White House has reached out to Republicans to get some bipartisan support for Biden’s plan. But if it doesn’t come, Pelosi and Senate Majority Leader Chuck Schumer push through a budget move that will allow Democrats to get through the $1,400 stimulus checks and other aid themselves.

“With this budget resolution, Democratic Congress is paving the way for the groundbreaking Biden-Harris coronavirus package that will crush the virus and provide real aid to families and communities in need,” Pelosi and Schumer said in a statement.

The first $1,200 government stimulus checks — which were handed out to Americans last spring — were spent largely on essential needs, including groceries and rent, according to the U.S. Bureau of Labor Statistics.

The money was also used for investment, a desk study found, or spent on other unspecified things. Those can include buying affordable life insurance — policy sales have skyrocketed during the pandemic.

When are you most likely to get another stimulus check?

The House passed the budget bill on Wednesday, hoping to accelerate the next stimulus and other new pandemic money. The Senate followed suit early Friday morning. No Republican voted in favour, in either chamber.

Biden this week met with 10 Republican senators who presented a scaled-down package that would reduce stimulus controls to $1,000 and limit them to lower-income Americans.

The president has dropped the smaller payment amount, although he is considering phasing out the checks for people earning more than $50,000 a year.

Speaker Pelosi released a statement Friday saying the hope is to complete work on Biden’s economic stimulus plan “before the end of February.” That could give you a new stimulus check beginning of March.

But with the second impeachment trial for former President Donald Trump set to begin in the Senate next week, Senator Schumer has indicated Congress may not complete work on the package until mid-March.

Under that time frame, you probably won’t see a new stimulus check until end of March, and maybe not before April.

What if you need another stimulus check right away?

Portrait of family with teenage son working with papers at home

Iakov Filimonov / Shutterstock

If COVID deteriorates your household budget and you need extra money straight awayHere are a few ways to get some money on your own — until Congress gets around to giving you another stimulus check:

  • Limit the cost of your debt. If you’ve had to use credit cards more than usual during the COVID crisis, you’re likely piling up interest and that’s going to get expensive. Take control of your credit card debt — and make it disappear faster — by converting your credits into a single, cheaper debt consolidation loan.

  • Find creative ways to save. Cancel streaming services and other monthly subscriptions you don’t use. Resist the urge to order dinner deliveries, plan homemade meals, and hit the grocery store with a list you’ll stick to. And download a free browser add-on that automatically looks for better prices and coupons when you shop online.

  • Cut your insurance bills. Because many of us are driving less during the pandemic, auto insurance companies have been offering price cuts. But if your auto insurer is one of the stingy ones, shop around for a better policy. You could potentially save hundreds on your homeowners insurance by comparing rates to find a lower price for that coverage.

  • Refinance your mortgage and cut your payments. Mortgage rates are lower than ever, so refinancing your existing home loan can yield big savings. Mortgage tech and data provider Black Knight says 19.4 million US homeowners have the potential to cut their housing payments by an average $308 per month through a refi.