When to expect payments of $ 1,400 and who is eligible?

Congress is expected to approve another round of stimulus checks for most Americans in March – here’s what you need to know.

The Senate approved a comprehensive pandemic aid package on the Republican opposition on Saturday, bringing President Joe Biden closer to a historic political victory that would provide $ 1,400 checks to most Americans and direct billions of dollars to schools, governments state and local governments and businesses.

The bill passed a 50-49 party vote after an overnight voting marathon and now returns to the House for final approval, which may take place early next week.

The legislation provides for a direct payment of $ 1,400 for a single contributor, or $ 2,800 for a couple who enroll together, plus $ 1,400 per dependent. Individuals earning up to $ 75,000 will receive the full amount, as will couples with incomes up to $ 150,000.

Ads

The size of the check would decrease for those earning a little more, with a forced cut of $ 80,000 for individuals and $ 160,000 for couples.

Most Americans will receive the full amount. The average family income was $ 68,703 in 2019, according to the US Census Bureau.

The revenue is based on your 2020 tax return or, if you haven’t already done so, your 2019 taxes. (AGI)

Senate majority leader Chuck Schumer had stated his goal of bringing the legislation to Joe Biden’s table by March 14. The bill now returns to the House for an expected vote on Tuesday, and will then be sent to Biden’s desk, where he could sign by the end of the week.

Based on the IRS schedule of the last round of payments, payments can start a few days after the ticket. Therefore, if the bill was signed by the end of next week (March 12), payments should start on March 15 or so. The IRS has not confirmed a timetable and will not do so until the legislation is enacted into law.

Ads

You will receive payments more quickly if you are set up for direct deposit with the IRS. The checks would probably be issued a few days later.

Read More: Highlights of the COVID-19 relief bill pending in Congress

The federal government’s expanded unemployment benefits would be extended until September 6 at $ 300 a week. This is in addition to what beneficiaries are receiving through their state unemployment insurance program. The first $ 10,200 of unemployment benefits would not be taxable for families with an income below $ 150,000.

In addition, the measures provide a 100% subsidy for COBRA health insurance premiums to ensure that dismissed workers can remain at no cost in their employers’ health plans until the end of September.