Your next stimulus check is just weeks away – will you get the full $1,400? – Community News
Stimulus Check

Your next stimulus check is just weeks away – will you get the full $1,400?

Your next stimulus check is just weeks away - will you get the full $1,400?

Your next stimulus check is just weeks away – will you get the full $1,400?

The planned third round of coronavirus stimulus checks is moving through Congress at lightning speed compared to the draaaaaaaaaaaaaag-out second batch.

Lawmakers balked at the final out-of-pocket aid payments in the spring, summer, and fall of 2020. And when the money finally arrived before New Years, all you got was a measly stimulus check (to borrow former President Donald Trump’s description). ) $600 – half of the $1,200 distributed the very first time.

House Speaker Nancy Pelosi (pictured) is optimistic about receiving new $1,400 stimulus checks soon, and more progress is expected this week. Here’s an update on the timing and your chance to get the full amount.

Stimulus checks go fast

US dollar cash banknote stimulus economic tax return check with american flag

ungvar / Shutterstock

To accelerate President Joe Biden’s $1.9 trillion pandemic aid package, including the next stimulus package, the Democrats who control Congress are using a streamlined process that could allow passage by simple majorities — meaning no Republican support.

Republicans say the president’s bill is too expensive. Hoping to win over some members of the opposing party, Democrats reportedly considered: targeting the new direct payments to those with the lowest incomes who need it most.

Last spring’s first stimulus, $1,200, was spent largely on essential needs, including food and rent, according to the US Bureau of Labor Statistics.

Some of the money was also used for investments, a desk study found, or spent on other, unspecified things — possibly including affordable life insurance. The demand for life insurance has soared as a result of COVID.

As part of the targeting, media reports had said the third stimulus checks could disappear for individuals earning more than $50,000, up from $75,000 for the earlier checks. But a relief bill unveiled Monday by House Democrats keeps the same income limits — meaning if you got a full payment last time, you’ll get another one.

When are you most likely to see another stimulus check?

Meanwhile, families can get more money this time around. The last payments did not include students and other dependents over the age of 16; Biden wants to solve that in the new round.

More than two-thirds of Americans (68%) support Biden’s pandemic package, according to a Quinnipiac University poll. Congressional leaders have become more optimistic about delivering it soon after a budget move to speed up the process was passed by the House and Senate last week.

Speaker Pelosi released a statement Friday saying the hope is to complete work on Biden’s COVID plan “by the end of February” — a timeline that could give you another stimulus check. beginning of March.

That’s an improvement on an earlier comment by Senate Majority Leader Chuck Schumer, indicating Congress could take until mid-March for the next stimulus checks to pass. In that scenario, you wouldn’t get any money in your pocket until… end of March, and maybe not before April.

What if you need another stimulus check right away?

Worried young parent calculating bills at home

GreenMiles / Shutterstock

If COVID is plaguing your budget and you need extra money straight awayHere are a few ways to keep yourself financially afloat until the next stimulus check comes.

  • Lower the cost of your debt. If you’ve used credit cards more than usual during the current crisis, you’re likely piling up expensive interest. Curb your credit card debt — and make it disappear faster — by pooling your credits into a single, lower-cost debt consolidation loan.

  • Shave your insurance bills. Because many of us are driving less during the pandemic, auto insurance companies have been offering price cuts. But if your auto insurer is stingy, shop around for a better policy. Plus, you can save hundreds on homeowners insurance by comparing rates to find a lower price for that coverage.

  • Refinance your mortgage and cut your payments. Mortgage rates are lower than ever, so refinancing your existing home loan can yield big savings. Mortgage tech and data provider Black Knight says 19.4 million US homeowners have the potential to cut their housing payments by an average $308 per month through a refi.

What if you miss a stimulus check this time?

If you’re looking forward to a $1,400 payment but risk receiving a lower amount or no money at all under new income restrictions, here are a few things you can do:

  • Get your 2020 tax return fast. Log into a good tax software program and start working on your 2020 return so you’re ready to file it when the IRS begins accepting returns on February 12. You qualify for a stimulus check based on your most recent tax return, so if your income was pinched by the pandemic in 2020, you may have a higher chance of getting a $1,400 payment.

  • Find savings to make ‘your own’ stimulus control. Look for creative ways to save, to squeeze $1,400 out of your budget. For example, cancel streaming services and other monthly subscriptions you don’t use. Turn a hobby or your special skills and talents into an afterthought to generate additional income. And download a free browser add-on that automatically looks for better prices and coupons when you shop online.

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