There’s been a ton of buzz about stimulus checks lately, and Congress just passed the $1.9 trillion COVID-19 relief bill. The $1,400 stimulus checks are the largest we’ve seen yet, and they will be leaping into bank accounts of anyone who makes less than $75,000 a year.
There will be an additional $300 per week payment for federal unemployment benefits — until September 6, that is. This bill also brings some much-needed funds to schools, cities, states, businesses and even COVID vaccines. You’ll want to know exactly what you’ll get from this third stimulus package, which is why we’ll share a helpful calculator that tells all.
Speaking of which, if you haven’t gotten your previous payments, don’t lose hope. Tap or click to safely track past stimulus payments. In the meantime, here’s everything you need to know about the most recent relief bill.
Here’s the story behind the bill on Capitol Hill
Right out of the gate, the $1.9 trillion package sounds great. But before you get too excited, remember that President Biden has to give his signature. The House approved the final version of the bill on Wednesday. This means you can look forward to the third round of stimulus checks.
The measure will soon head to President Biden’s desk, where he is expected to sign it on Friday. That’s the earliest day we can expect checks to hit our bank accounts. The quick turnaround isn’t guaranteed, but it’s a possibility. It’s more likely that checks will begin showing up next week.
After all, when former President Trump signed the previous relief bill, the IRS sent them out within the next three days. With that kind of precedent, we could expect the same speedy turnaround.
Bottom line: You can expect these checks as early as this weekend, but it’s more likely that you’ll get them within the next two weeks. “Middle-class Western New York households will be getting a $1,400 check in the mail in about two weeks,” Senator Chuck Schumer said. “They should get them by the end of March, so it’ll be a nice Easter present for everybody.”
Don’t relax yet – you might not be eligible
Depending on your household income, you may not get a check. CBS News reports that fewer Americans may receive the third stimulus check, thanks to changes the Senate made.
In other words, millions of Americans aren’t eligible for the funds. Here are some quick facts:
- The relief package pays individuals who earn up to $75,000 the full $1,400.
- That amount goes down if you make more than $75,000.
- If you’re a single person who earns more than $80,000, you’re not eligible.
- Couples who filed a joint tax return of over $160,000 a year aren’t eligible.
- Filing your taxes as the head of a household? If you earn less than $112,500, you can get the full check…but payments are cut off if you earn more than $120,000.
That’s a lot to keep track of, but we have some good news. Check out the American Rescue Plan, a free tool that calculates your check. Just fill out some tax information and you can get a helpful estimate.
Just one caveat: To use this calculator, you need to have filed your tax return for 2019 or 2020. Speaking of tax returns, folks who already filed are most likely to receive the first round of checks — especially if they provided direct deposit information.
If you still haven’t filed your taxes, it’s time. Unfortunately, since tax season is in full swing, we’re seeing scammers develop new schemes. We’ve got the latest tricks they’re using to steal your money, plus our recommendations for the best tax software around. Tap or click here to make tax season stress-free.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have regarding a medical condition, advice, or health objectives.