A Third Round of Stimulus Checks Has Officially Been Approved, and Here’s What You Can Expect to Get
The bill was first proposed to ease the economic burden implicated by the coronavirus pandemic and stimulate the economy. It was passed in the Senate four days ago, despite Republican opposition, and its passage in the House will put the bill on President Biden’s desk for final approval. The President is expected to sign the bill on Friday.
This third round of stimulus payments will grant direct payments of $1,400 to single taxpayers and $2,800 for married couples filing jointly. There will be an additional payment of $1,400 per dependent.
Individuals making up to $75,000 per year are eligible to receive payment, as are couples who earn up to $150,000. Those making up to $80,000 and couples with an income up to $160,000 will also receive payment, though the amount will be slightly less. The government will not issue payments to individuals whose income exceeds these amounts.
President Biden says he expects approximately 85% of Americans will be eligible to receive payment. Those who were ineligible for previous payments, such as disabled adults and dependent college students, will be eligible in this round.
“That means the mortgage can get paid,” Biden said. “That means the child can stay in community college. That means maintaining the health insurance you have. It’s going to make a big difference in so many lives in this country.”
People who are connected to the IRS through direct deposit may see the money in their accounts as early as next week. The Treasury says it hopes to send direct deposit payments to those with 2019 or 2020 information on file from tax filings.
Are you surprised to see the government will issue another round of economic relief payments? Do you think the amount being paid is fair? Let us know!