Third Stimulus Check: Do you get paid $ 1,400, and when?
Third Stimulus Check: Do you get paid $ 1,400, and when?

Third Stimulus Check: Do you get paid $ 1,400, and when?

House Democrats will hopefully pass President Joe Biden’s law on covid-19 financial relief this weekpaving the way for a third stimulus check in mid-March.

The package, known as American rescue planincludes a significant extension of the extra unemployment benefit scheme and greater support for small businesses, but for many it is $ 1,400 stimulus checks it will be the most valuable in the short term.

On Tuesday House Budget Committee approved $ 1.9 trillion in federal funding as the bill requires, which will allow Democrats to use a mechanism known as reconciliation to push the proposal through the Senate. The house is expected to vote on the bill later this week and it will then move to the Senate.

Who gets a $ 1,400 stimulus check?

The U.S. rescue plan includes funding for yet another federal stimulus control, the third since the pandemic took hold nearly 12 months ago. The bid amount is $ 1,400, which the White House has billed as one “top up” payment, to bump the $ 600 payment from January up to $ 2,000.

This is the biggest stimulus control to date, but it seems that the eligibility requirements will be largely the same as previous rounds. The bill, introduced by the House Democrats earlier this week, sets the income limit for eligibility at $ 75,000 for singles or $ 150,000 for couples as a joint applicant.

If you earn above these limits, you may still receive a stimulus check, but not as much as $ 1,400. The financing gradually phased out above these thresholds that end at $ 100,000 for individuals and $ 200,000 for couples.

One change that has been made, however, is an extension of the entitlement to allow adult relatives to receive a stimulus check for the first time. Previously, anyone over the age of 17 who was required on someone else’s tax return was unable to receive payments. This looked around 13.5 million college students, disabled adults and some older Americans excluded from the grant.

When is the third stimulus check issued?

Democrats hope that by using reconciliation, they will be able to circumvent much of the uncertainty and potential delays in Congress. They have set a goal March 14 to get the bill signedbut provided all members follow the party line (all Democrats vote for the bill) it could be passed before then.

The focus will then shift to the distribution effort, which comes at particularly busy time for the IRS. Not only are they responsible for managing and sending all stimulus check payments, but they too oversee the tax return process which began on 12 February.

This can cause one delay compared to the previous round of stimulus checks as they try to administer both the tax system and the distribution of stimulus checks at the same time.

Although we do not yet know exactly when the distribution will start, we do know that the process is likely to follow immediately staggered time frame as previous rounds. This is due to the different payment methods used to get the money different groups

Those who receive their stimulus check in the form of a direct deposit will get their firstpossible within a week after the U.S. rescue plan has been signed into law.

Next will come paper check which, because they demand that the physical checks be produced and sent out by mail, should probably take about a week longer than the direct deposits.

Finally, those who do not have access to a bank account will be sent one Economic impact Payment payment card in the mail. This prepaid bank card can be used in stores and online, but due to the extra time it takes to make the cards, it will take longer to arrive. Recipients should expect these about three weeks after the stimulus bill is passed.

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