The U.S. House is set to vote this week on President Biden’s $1.9 trillion COVID stimulus plan. The measure – likely to be passed through a process called budget reconciliation – is on a fast track for approval by Congress and its Democratic majority.
After being ushered through the House, the measure will go to the Senate where it will likely see changes given reluctance on the part of centrist Democrats regarding some provisions, most notably raising the federal minimum wage to $15 an hour.
Still, majority leaders hope to have the package before President Biden prior to March 14 when the current federal boost to unemployment is set to expire. If that happens, the IRS could begin sending out direct deposit payments by mid to late March followed by paper checks or debit cards to those who don’t have their banking information on file.
That process would likely take several additional weeks.
Stimulus payments
While some provisions of Biden’s American Rescue Plan remain in question, there appears to be bipartisan support for another round of stimulus payments.
Biden’s plan calls for $1,400 payments to single people, $2,800 for married couples and $1,400 for anyone classified as a dependent. Individuals earning less than $75,000 and couples earning less than $150,000 would be eligible for a full payment, with amounts dropping incrementally above those levels. There are income eligibility caps - $100,000 for individuals and $200,000 for couples. People earning above the cap aren’t eligible for a payment.
Qualifications are also changed to allow more people classified as “dependents” to receive a $1,400 payment, closing a loophole from previous rounds that left out dependents over age 17 and some adults classified as dependents. Biden’s plan also provides payments to families with mixed citizenship status where at least one member of the household is a U.S. citizen.
Income amounts will be based on 2019 or 2020 tax filings and, if your income saw a drop in 2020, experts advise you go file now to reflect the change.
You can go here to use a stimulus calculator to determine estimated payment.
Didn’t receive a previous stimulus check? You can go here to see more on what to do.
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February 22, 2021 at 07:37PM
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Stimulus check latest update: How much will you get? When could it arrive? - AL.com
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