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The House of Representatives today voted to pass the $1.9 trillion COVID-19 relief bill. The massive stimulus package will help many struggling individuals, families, and businesses impacted by the coronavirus pandemic.
What Happens Next?
Now that the bill has passed both the Senate and the House, it will be sent to President Joe Biden to sign the measure. The legislation is expected to be on Biden’s desk by Friday, March 12th.
$1,400 Stimulus Checks
One key provision of the package is $1,400 stimulus checks for Americans whose income is below the qualifying threshold.
Those receiving the full $1,400 benefit include individuals earning less than $75,000 (adjusted gross income), heads of households earning less than $112,500, and married couples earning less than $150,000.
Those making more than these cutoffs will receive less money as the payments gradually phase out as a person’s income increases.
The payments are based on a person’s most recent tax return, either 2020’s if they have filed it already, or 2019’s if not.
Those who don’t typically file taxes may submit their information to an online portal set up last year for previous stimulus checks. This portal currently is closed but it may be reopened for this third stimulus check.
Individuals will receive a $1,400 payment, while married couples will receive $2,800.
Parents will receive $1,400 per child, including teen and adult dependents over the age of 17.
If you are not sure if you qualify, you can visit this website to check for eligibility and the amount of money you will receive.
When Will I Receive My Payment?
The checks are expected to roll out shortly after Biden signs the bill later this week. The payments will be sent to those who file taxes and have their bank account information on file with the IRS.
Previous checks were distributed within a week, but these deposits may take longer as the IRS is busy with the current tax filing season. Other people may receive a paper check or a debit card in the mail.
How to Track Your Payment
Last year, the IRS set up a dedicated “Get My Payment” portal containing information about the first and second stimulus checks. It likely will be used for the third one as well. Once active, you will be able to enter your personally-identifying information to check the status of your check.
Other Forms of Relief
The COVID-19 relief bill also extends unemployment to those who lost their jobs because of COVID-19. The bill provides an additional $300 to weekly jobless claims.
It also extends two key pandemic unemployment benefits programs – one for traditional filers and those who are self-employed or gig workers. These extra benefits now continue until September 6.
In addition, the first $10,200 worth of unemployment benefits will be tax-free for those whose annual income is less than $150,000.
There are also funds for food stamps and both rental and mortgage assistance for those who cannot make their monthly payments.