Legislators are moving closer to approving a third round of stimulus checks. A full house vote is expected on Friday on Biden’s proposed $ 1.9T bill to alleviate the virus.
WASHINGTON – Before he was sworn in, President Joe Biden announced one $ 1.9 billion coronavirus plan Which one including $ 1,400 stimulus checks to struggling Americans. That “American rescue plan” would provide yet another round of assistance to stabilize the economy while public health efforts seek to take over the pandemic. The bill will also include pumping out billions of dollars in aid to state and local governments as well as additional support for companies affected by the pandemic.
So now that the presidency, the US House and the Senate are controlled by the Democrats, when can the Americans start getting a third Economic impact payment?
When do they vote on the third stimulus check?
House of Representatives passed the U.S. rescue plan Saturday morning with a vote of 219-212 hours after reviewing the House Rules Committee. The bill will now be sent to the Senate for consideration, but the timetable for its adoption is still in doubt.
The law provides a third stimulus check amounting to $ 1,400 for a single taxpayer, or $ 2,800 for a married couple filing jointly, plus $ 1,400 per. Individuals earning up to $ 75,000 will receive the full amount, as will married couples with incomes of up to $ 150,000.
The size of the check would shrink for those earning a little more with a tough cut-off of $ 100,000 for singles and $ 200,000 for married couples.
Some Republicans want to cut the size of the rebate as well as the pool of Americans eligible for it, but Biden has insisted on $ 1,400 checks and said “that’s what the American people were promised.” The new round of controls will cost the government an estimated $ 422 billion.
When is the third stimulus check issued?
Democrats and President Joe Biden want the COVID-19 relief plan approved by March 14th. This is when extra unemployment benefits and other pandemic benefits expire.
However, changes may still be made before the bill is passed by the Senate. That Senate Member of Parliament who advises the Senate on its rules and procedures but has no formal powerstated on Thursday that a provision to gradually raise federal minimum wage at $ 15 per hour must be stripped out. The Senate has, as it has in the past, the power to change the rules to allow its inclusion.
If the Senate makes changes to the bill, it must go back to Parliament for approval again.
During the first round of stimulus checks in April 2020, it took about two weeks for the federal government to start distributing the money. It took about a week for the second round of checks, worth $ 600, in early January.
If the IRS is able to keep up with previous timelines, Americans can start receiving stimulus checks from late March to early April. For example, if the stimulus package is signed into law before March 14, based on previous relief plans, the first direct payments may go out in the week of March 22.
Another possible complicating factor is that this round of stimulus checks is likely to go out while the IRS deals with tax returns.
Why $ 1,400 checks and not $ 2,000?
Biden’s plan called for $ 1,400 checks for most Americans, which on top of the $ 600 given in the latest COVID-19 bill would bring the total amount up to the $ 2,000 that Biden has called for.
But Biden did not make that differentiation at first. Biden said on January 4 during the campaign for Democrats Jon Ossoff and Raphael Warnock ahead of Georgia’s Senate election, “their election will put an end to the blockade in Washington of the $ 2,000 stimulus check. The money that will go out the door right away.”
What else is included in Biden’s $ 1.9 trillion package?
Under Biden’s multi-stranded strategy, about $ 400 billion would go directly to fighting the pandemic, while the rest is focused on financial relief and assistance to states and localities.
About $ 20 billion will be allocated to a more disciplined focus on vaccination, on top of about $ 8 billion already approved by Congress. Biden has urged to set up mass vaccination centers and send mobile devices to hard-to-reach areas.
click here to see the full list of where the funds will be allocated.
How about a minimum wage of $ 15 an hour?
The decision to keep a minimum wage increase of $ 15 per hour in the COVID-19 Emergency Aid Act is up to one person in the Senate: the parliamentarian.
Elizabeth MacDonough, a major in English literature and the Senate’s first female MP, decided on Thursday to exclude the increase in the minimum wage from $ 1.9 trillion coronavirus bill.
The finding of MacDonough, the House’s impartial judge of its rules, means Democrats are facing an overwhelming battle uphill to raise the minimum wage this year due to solid Republican opposition. Their proposal will gradually raise the federal minimum to $ 15 per share. hour in 2025, well above the $ 7.25 floor that has been in place since 2009.
President Joe Biden was “disappointed” with the result, but respected the parliamentarian’s decision, said White House Press Secretary Jen Psaki. The Senate has a long tradition of obeying the parliamentarian’s decisions with few exceptions, a story honored by traditionalists like Biden, a 36-year-old Senate veteran.
“He will work with leaders in Congress to determine the best way forward because no one in this country should work full time and live in poverty,” Psaki said.
Democrats are push the massive corona measure through Congress under special rules that would let them avoid a Senate filibuster of Republicans, a tactic that Democrats would need unattainable 60 votes to defeat.
But the same Senate rules prohibit provisions with only a “random” impact on the federal budget because they are primarily driven by other political purposes. MacDonough said the minimum wage provision did not pass that test, according to aides who described her decision on condition of anonymity because it had not been released.
MacDonough’s decision is forcing Democrats to make politically painful choices about what to do with the minimum wage, which has long caused internal party strife.
Where’s my first or second stimulus check? What if I did not get a stimulus check or the right amount?
While some $ 600 second round stimulus check payments may still be with the mail, The IRS said last week that it has issued them all.
So if Americans did not receive a payment, or they did not receive their full amount, they may be entitled to claim a Recovery discount credit when they file a tax return for 2020.
Eligibility for the credit will be based on the information about the 2020 tax year, while payments of financial consequences were based on 2019 (or in some cases 2018) tax information.
As a reminder, the first round of payments was worth up to $ 1,200 per round. eligible adult and $ 500 per. relatives; the other was worth up to $ 600 for each eligible household member. Those who received a larger financial impact payment than they should should not be penalized.
The IRS began accepting tax returns for 2020 on February 12th.