WEST TEXAS - Before being sworn into office, President Joe Biden announced a $1.9 trillion coronavirus plan which included $1,400 stimulus checks to struggling residents in Martin County.
The “American Rescue Plan” would deliver another round of aid to stabilize the economy while the public health effort seeks the upper hand on the pandemic. The bill would also include pumping billions of dollars in aid to state and local governments as well as additional aid to businesses impacted by the pandemic.
As of Feb. 24, all signs point to Congress approving the third round of stimulus checks.
By Friday, the full U.S. House of Representatives is expected to vote on its version of the relief bill, which includes the stimulus checks. The House Budget Committee passed the bill on Monday.
Then, the bill would be sent over the Senate for consideration.
The legislation provides a third stimulus check that amounts to $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount as would married couples with incomes up to $150,000.
The size of the check would shrink for those making slightly more with a hard cut-off at $100,000 for individuals and $200,000 for married couples.
Some Republicans want to cut the size of the rebate as well as the pool of Americans eligible for it, but Biden has insisted on $1,400 checks, saying “that’s what the American people were promised.” The new round of checks will cost the government an estimated $422 billion.
Democrats hope to have the relief plan approved by March 14 - that's when extra unemployment assistance and other pandemic aid expires.
However, there could still be changes before the bill is passed by the Senate. If the Senate makes any changes to the bill, it would then have to go back to the House for approval again.
During the first round of stimulus checks in April 2020, it took about two weeks for the federal government to start distributing the money. It took around one week for the second round of checks, worth $600, in early January.
If the IRS is able to keep with previous timelines, Americans could start receiving stimulus checks from late March to early April. For example, if the stimulus package is signed into law by March 14, based on previous relief plans, the first direct deposits may go out the week of March 22.
As a reminder, the first round of payments was worth up to $1,200 per eligible adult and $500 per dependent; the second was worth up to $600 for each eligible household member. Those who received a larger economic impact payment than they were due will not be penalized.