President Joe Biden opened the door to change eligibility in the next round of stimulus checks.
Biden is supporting a payment of $ 1,400 as the third stimulus designed to help lessen the economic impact of the coronavirus pandemic. The $ 1,400 check, when combined with the $ 600 payment approved in December, would raise the total value of the recent stimulus payments to $ 2,000, an amount supported by Democrats and former President Donald Trump.
For previous stimulus payments, individuals earning up to $ 75,000 and couples earning up to $ 150,000 received the full amount, with payments gradually falling above these income levels. Biden indicated that these numbers are open for negotiation during the next round, a move that could reduce the number of recipients.
“Is there a legitimate reason for people to say, ‘Did you draw the lines exactly the right way? Should you go to someone who earns more than X dollars or why? ‘”, Biden said at a news conference, as reported by Business Insider. “I am open to negotiating these things.”
Biden did not indicate what income levels he would consider as part of the package.
When can a check arrive?
These negotiations can take time and can mean a slowdown in the stimulus process. Biden proposed a comprehensive $ 1.9 trillion coronavirus relief plan that is likely to require a great deal of subtlety to get through Congress.
Biden has indicated that he wants to keep the stimulus package as faithful as possible.
“I must say that I am reluctant to choose and remove one or two items here,” said Biden, but added that he understood that “time is of the essence”.
Senate majority leader Chuck Schumer said he wants the next round of relief from COVID-19 to be passed by mid-March, while current unemployment benefits will expire. Once approved, the IRS is expected to act quickly with checks possibly coming out in late March.
You can see more about possible timelines here.