The full details of the latest stimulus bill were announced late last week, which the House Democrats plan to officially unveil on Monday, February 22nd. That 591 pages of suggestions includes federal funding of about $ 1.9 trillion and this includes the long-awaited third round of stimulus checks, this time rated at up to $ 1,400 pr. eligible Americans.
It’s almost a year since the first round of stimulus payments of $ 1,200 were issued as part of the CARES Act, which arrived when it became clear that the covid-19 pandemic would have devastating effects on the US economy, and this was followed in early 2021 by checks worth $ 600 as political parties vehemently discussed their value for needy citizens. As well as an increased amount, this time will also see eligibility claims extended to include adult relatives.
STIMULUS: @HouseBudgetDems announces it will charge $ 1.9T package on Monday. According to the rules, the committee may not make substantive changes
– Erik Wasson (@elwasson) February 18, 2021
New bill on exemption from stimulus is to be debated in Congress
On Monday, House Democrats are expected to do so introduce the US rescue plan into the chamber, so that members can debate and discuss the bill as it stands. There may well be some minor changes that lawmakers are asking for, but given the party division in Washington, it seems likely that it will remain fairly intact.
House Speaker Nancy Pelosi has said she was aiming for a vote in the Democratic House of Commons on the adoption of the bill – a top priority for the new democratic Biden administration – by the end of the week.
Earlier on Friday, Senate Majority Leader Chuck Schumer, a fellow Democrat, said his deeply divided chamber will pass the bill by March 14when the latest round of federal unemployment benefits expires.
While Schumer said he welcomed “constructive changes” from Republicans, he added in a letter to the rank and file Democrats:
“Make no mistake: the era of Mitch McConnell’s legislative cemetery is over.”
When is the third stimulus check sent?
Spending Friday night responding to dozens of email responses to my story of the IRS ‘post-arrears, which is causing no end to the grief of millions of taxpayers who rely on stimulus checks and refunds – or just trying to correct various scruples. 2021 will be amazing!
– Lydia DePillis (@lydiadepillis) February 20, 2021
The distribution process improved dramatically for the second round of stimulus checks, and it is reasonable to assume that the third round will also be fairly quick now that the IRS has details on file for the vast majority of recipients.
However, there are some concerns that the IRS may be too overburdened with tax returns at the moment, given that tax season 2021 has just begun. The deadline for submitting your tax return is only at 15th of April so the IRS will almost certainly try to administer both the tax system and the distribution of stimulus checks at the same time.
Regardless of the exact dates, it is reasonable to assume so different groups will receive their stimulus check payments at different timessolely because of the different speeds for each method.
As was the case in previous payment rounds direct deposit will be the first to arrive who could arrive the week after the bill is signed law by President Joe Biden.
The second to arrive will be paper check, which are sent to those who have bank accounts but the details are not registered with the IRS. These physical stimulus checks are likely to come around two weeks after the bill is signed into the law.
The final payments to be made will be those that require one Economic impact Payment payment card must be produced and delivered. These are used for Americans who do not have access to a bank account, so they get a prepaid bank card instead. Given the extra time needed to produce the cards, they will arrive about three weeks after the stimulus bill is passed.