Third stimulus check: differences and similarities with the other two payments
Third stimulus check: differences and similarities with the other two payments

Third stimulus check: differences and similarities with the other two payments

Later this week, the House of Representatives is expected to adopt President Joe Biden’s American Rescue Plan, on his presidency’s first large-scale stimulus law. The ambitious package includes $ 1.9 trillion in federal funding, which Biden hopes will provide those hardest hit by the pandemic and will help boost the economy.

On advertises the U.S. rescue plan, Biden said: “I see a huge pain in this country. Many people without work. Many people get hungry and stare up at the ceiling at night, wondering, ‘What am I going to do tomorrow?’

The key to that effort is a third round stimulus check payments, which Biden hopes will provide the short-term boost that millions of struggling Americans desperately need. Here’s how these payments compare to previous support rounds.

How much is this stimulus check worth compared to others?

The first and second rounds of stimulus check payments were worth up to $ 1,200 and $ 600 respectively. While campaigning in Georgia for Senate re-election, President Biden said he would be able to pass stimulus checks worth $ 2,000 if the Democratic candidate was successful and his party took control of the Senate.

The Democrats duly won both races, but when Biden came to announce his US rescue plan in January, the amount was offered in third stimulus check was $ 1,400.

The White House has billed this as one “top-up” payment for $ 600 stimulus checks which was sent out in early January by the Trump administration, but many are unhappy that support appears to have fallen.

Despite that, this will be most generous stimulus check to datewith a family of four receiving up to $ 5,600 as a direct payment.

The qualification requirements were slightly extended to the third stimulus check

As the stimulus bill works its way through Congress, we are not sure exactly who will be able to receive the direct payments of $ 1,400. As it stands, it appears that the income threshold remains the same: up to $ 75,000 for individual files and $ 150,000 for couples applying together.

But a key change will see adult relatives able to receive stimulus checks for the first time even though the actual money will be sent to the branch claiming them as a dependent.

In the past 13.5 million college students, disabled Americans, and the elderly were disqualified from receiving a stimulus payment.

The IRS will try to distribute checks during the tax season

It’s almost a whole year ago, the first round of stimulus checks was agreed, which also came in the middle of the tax season. Both the tax system and the distribution of stimulus checks are monitored by the IRS, which gives the agency a very large workload.

Last year, the IRS decided to extend tax return deadline to ease the pressure and allow more time to complete the filing. But this time they have it refused to do soand insists that they can handle both at the same time.

The second round of stimulus checks was distributed much faster than the first because the IRS already had a system in place to get the money out to 160 million Americans. There is a concern that you are trying to send the third stimulus check while administering the tax return system could lead to delays in the direct payments.

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