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All You Need to Know About The Third Stimulus Check

Senate Democrats and President Joe Biden have agreed to limit who the newest stimulus check goes to under the newly proposed $1.9 trillion COVID-19 relief package.

The package, which is being called the "American Rescue Plan," is meant to deliver another round of aid, including $1,400 direct payments to millions of Americans, stabilizing the economy. At the same time, the public health effort seeks the upper hand on the pandemic.

The House of Representatives announced its version of the proposal early Saturday morning, but changes were expected in the Senate version, set to be unveiled on Wednesday.

While both plans include a third stimulus check, the Senate plan tightens the upper-income limits at which people would qualify.

So who gets the stimulus checks?

The bill implements a third stimulus check that nets to about $1,400 for a single taxpayer or $2,800 for a married couple that files jointly, plus an additional $1,400 per dependent.

In both the Senate and House proposals, individuals earning up to $75,000 would get the complete amount, as would married couples with earnings up to $150,000 and heads of households with incomes up to $112,500.

The Senate plan's key distinction phases out the $1,400 stimulus check faster for those with incomes above the initial levels.

So under the Senate deal, individuals making $80,000 or more, heads of households making $120,000 or more, and couples making $160,000 or more would not receive a stimulus check.

Senate Majority Leader Chuck Schumer said the Senate debate would begin as soon as Wednesday night and predicted, "We'll have the votes we need to pass the bill."

Democrats are pushing the extensive coronavirus relief bill through Congress to avoid a Senate filibuster by Republicans, a method that Democrats would need an unattainable 60 votes to defeat.

House Majority Leader Steny Hoyer said he anticipates the Senate to approve the plan by Friday or Saturday.

How soon will the checks be sent out?

Because the Senate's plan differs from what passed in the House, it will have to go back to the House for approval again after the Senate votes.

If things stay on track, the House plans to reconvene on Monday to start passing the Senate proposal.

During the first round of the stimulus relief checks in April 2020, it took around two weeks for the federal government to distribute it. It took around one week for many people to receive their second wave of checks worth $600 in early January.

If the IRS can keep with previous timelines, Americans could start receiving stimulus checks sometime between late March to mid-April. For example, if the stimulus package is approved and signed into law by March 14, based on previous relief checks, the first direct deposits may go out the week of March 22.

Why is the relief amount $1,400 and not $2,000?

Biden's plan called for $1,400 stimulus checks for most Americans, which on top of the $600 provided in the most up-to-date COVID-19 relief fund would bring the total to the $2,000 that Biden has asked for.

©2019 by URBAN NEWS