How soon could you receive third stimulus check for $1,400k – as Biden's Covid relief bill passes HouseFebruary 27, 2021
A THIRD stimulus check for $1,400 could be coming soon as President Joe Biden's $1.9trillion Covid relief bill has passed the House.
The Senate is likely to begin consideration on the package the week of March 1, with the hope of getting it passed before March 14.
There may be some debate in the Senate about specific measures included in the package, particularly one that would raise the federal minimum wage to $15 an hour by 2025.
The Senate parliamentarian ruled on Thursday that the measure could not be included in the bill, despite the House's approval of it.
However, the parliamentarian ruling may actually make the road to approval quicker for the relief package – and for the next round of stimulus checks.
Experts predict that the move will allow the Senate to avoid infighting about the minimum wage hike, which several Democrats in the Senate have already said they opposed.
Democrats hope to get the bill to Biden's desk for signing by March 14, when added unemployment benefits are set to expire.
The version passed by the House includes another round of stimulus checks – this time for $1,400 – for eligible Americans.
Individuals who earn up to $75,000 a year and couples who earn up to $150,000 a year would be eligible for the full payments of $1,400 or $2,800 respectively.
Payments would begin to decline for people who earn more than those limits, and would completely phase out for individuals who earn more than $100,000 or couples who earn more than $200,000.
It's not completely clear at this time if the IRS would base the stimulus payments off of 2019 or 2020 tax returns. The last two stimulus checks were based on 2019.
If all goes according to plan for Congressional Democrats, and the bill makes its way to Biden's desk by March 12, the Friday before unemployment benefits expire, checks could start going out within days.
Some Republicans have said they want the income cut off to be smaller before they approve of the next relief package.
However, President Biden seems unwilling to budge on the amount of the checks or which Americans will be eligible to get it.
"That's what the American people were promised," the president said.
After the first round of stimulus checks was approved in March 2020, it took about two weeks for the IRS to begin sending out checks.
For the second round of $600 checks, passed in December, it took about one week.
If the deadline Democrats are hoping for is met and the IRS keeps with the timelines of previous checks, Americans could start receiving money towards the end of March.
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