President Joe Biden’s $1.9 trillion COVID aid package moves forward after it passes House by a near-party vote of 219-212.
The measure, officially known as the “American Rescue Plan,” is now moving to the Senate, where it is expected to take a more difficult path as Republicans and some moderate Democrats cut its costs, particularly efforts to raise the minimum wage. up to $15 a year. o’clock. Those efforts took a procedural blow last week.
Next round of direct payments
The version passed by the House and introduced in the Senate includes a third round of direct stimulus payments. The first round, passed last spring during the early days of the coronavirus pandemic, included $1,200 for individuals, $2,400 for married couples and $500 for dependents. The second round, passed in December 2020, paid $600 for individuals and dependents and $1,200 for married couples.
The third round would pay $1,400 for individuals, $2,800 for married couples and $1,400 for anyone classified as a dependent, a eligibility-enhancing benefit. You can go to a stimulus calculator here to predict what you might receive.
There are income limits attached to the stimulus payments.
Anyone making $75,000 or less will receive the full amount, as will couples making $150,000 or less. Payments will incrementally fall above those amounts before stopping completely for singles earning $100,000 or more or couples earning $200,000 or more.
Democrats hope to get the measure passed and signed by March 14 to prevent the higher federal unemployment benefits from elapsing. That means the Senate must act quickly, which is what President Biden is urging.
“We have no time to lose. If we act decisively, quickly and courageously now, we can finally get ahead of this virus,” Biden said. “We can finally get our economy going again. And the people of this country have suffered for far too long. We need to alleviate that suffering. The US bailout plan does just that.”
The Senate is expected to adopt the measure this week. After that, the bill would go back to the House of Representatives, which could vote at the beginning of the second week of March. If those timelines hold up, the IRS is expected to quickly deliver another round of checks, first to those with direct deposit information on file, followed by paper checks and debit cards.