After more than two months of anxious waiting by millions of Americans, Congress has passed President Joe Biden’s $1.9 trillion COVID relief plan which includes $1,400 direct payment stimulus checks.
The “American Rescue Plan” now heads to Biden for his signature following Wednesday’s final vote in the House.
Who gets $1,400 stimulus checks?
The House and Senate versions of the bill agreed that individual tax filers making up to $75,000 per year will get $1,400. Couples, who file jointly, making up to $150,000 will get $2,800. There will also be $1,400 tacked on for each dependent in the household.
Where they differed was how quickly the stimulus money would be phased out to zero. The original House bill passed on Feb. 27 called for the phase out to be complete at $100,000 for individuals and $200,000 for couples. But the Senate version passed on March 6 lowered it to $80,000 and $160,000, respectively. That Senate version is what the House passed on Wednesday.
Roughly 8 million fewer households will get a check under the Senate bill compared with what the House passed, according to an analysis from the Tax Policy Center.
When will the third stimulus check be sent?
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 partly because the infrastructure from the first stimulus was in place.
If the IRS is able to keep with previous timelines, Americans could start seeing stimulus checks as soon as next week and going into April. #WakeUpCLT #Stimulus #COVID19