Here’s Everything You Need To Know About The Third Round Of Stimulus Checks
Well, it’s official! Americans are set to get another round of stimulus checks under the American Rescue Plan, which was passed by the House on Wednesday and was signed into law by President Biden.
AThe IRS could begin delivering the checks within one to two weeks, based on the time frame for the previous round of checks — potentially as early as the weekend of March 13. But just who is qualified to receive the checks and will some in our community be left out this time around?
The American Rescue Plan will help get $1,400 stimulus checks into the hands of struggling American families.
President Joe Biden signed the new COVID relief bill Thursday. That means people could start seeing the $1,400 stimulus checks roll out later this month. The IRS could begin delivering the checks within one to two weeks, based on the time frame for the previous round of checks — potentially as early as the weekend of March 13.
“By next weekend, a couple making less than $160,000 could well have $2,800 deposited into their checking account,” Chris Krueger of Cowen & Co. said in an analyst note before the Senate approved the bill, which he had expected would occur this past weekend.
However, fewer Americans may receive checks in the third round of stimulus payments due to a change in the Senate’s version of the bill. President Biden and moderate Democratic senators struck a deal that limits the number of households qualifying for the $1,400 checks. The revised limits would make millions of Americans ineligible for the payment.
So, who is actually eligible for this latest round of checks?
The new bill has been celebrated by anti-poverty and unemployment experts, who said the $1,400 checks as well as other provisions — such as an extension of the $300 per-week extra jobless aid for millions of unemployed people and an expansion of the Child Tax Credit for low-income households — will help families pay their bills and lift children out of poverty. Almost half of Americans are still experiencing financial pain one year after the pandemic shuttered the economy and caused massive layoffs, according to the Pew Research Center.
The latest round of stimulus checks will benefit fewer people this time around than the previous payments, but based upon income levels. Anyone who pays taxes in the United States as a resident is eligible for a stimulus payment under the American Rescue Plan. That includes non-citizens.
The bill directs the $1,400 direct payments to individuals earning up to $75,000, but cuts off eligibility for single people earning more than $80,000. For couples who file a joint federal income tax return, the phase-out begins at those making $150,000 and ends at $160,000. People who file their taxes as head of household will receive the full $1,400 if they earn less than $112,500, while the payments will be cut off for those earning more than $120,000.
For example, if you have overstayed your U.S. visa but pay tax in the United States using a Social Security number you may be eligible for stimulus payments. Also, anyone who has a green card is considered a legal permanent resident, and would be eligible for the stimulus payment.
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