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Stimulus Checks could go out as early as this weekend

Stevicus

Stevicus

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Third stimulus check: How soon might you receive a $1,400 check? - CBS News

The U.S. Senate approved President Biden's $1.9 trillion coronavirus relief package Saturday, directing a third round of stimulus checks to most Americans. That's prompting questions about when the checks might land in millions of bank accounts, especially for those who are coping with job or income loss.

The bill will return to the U.S. House of Representatives this week for final approval, given that the Senate and House versions of the relief bill have some differences, and then head to Mr. Biden for his signature. After the bill is signed into law, the IRS could begin delivering the checks within days to one week, based on the timeframe for the previous round of checks — potentially as early as the weekend of March 13.

"By next weekend, a couple making less than $160,000 could well have $2,800 deposited into their checking account," Chris Krueger of Cowen & Co. said in an analyst note before the Senate approved the bill, which he had expected would occur this past weekend.
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The passage of the spending bill in the Senate was heralded by anti-poverty and unemployment experts, who said the $1,400 checks as well as other provisions — such as an extension of the $300 per-week extra jobless aid for millions of unemployed people and an expansion of the Child Tax Credit for low-income households — will help families pay their bills and lift children out of poverty. Almost half of Americans are still experiencing financial pain one year after the pandemic shuttered the economy and caused massive layoffs, according to the Pew Research Center.

"Working families will get $1,400 per individual from a third stimulus check, plus they will benefit from a muscled-up child tax credit of $3,000 per child," noted Andrew Stettner, an expert on unemployment at the Century Foundation. "That is real aid that can help reverse the unprecedented economic inequities laid bare and exacerbated by the pandemic."

Stettner added, "The federal response to COVID-19 has already averted poverty for millions of Americans, and this package is poised to continue that critical work."
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The Senate bill directs the $1,400 direct payments to individuals earning up to $75,000, but cuts off eligibility for single people earning more than $80,000. For couples who file a joint federal income tax return, the phase-out begins at those making $150,000 and ends at $160,000. People who file their taxes as head of household will receive the full $1,400 if they earn less than $112,500, while the payments will be cut off for those earning more than $120,000.

To see how much you might receive, you can use this Omni online calculator to determine whether you qualify and your potential payment.
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This comes at the middle of tax season, so the IRS will be pretty busy sending out these checks (or directly depositing).

Democrats want the bill to be signed into law before Sunday, March 14, when the current extra $300 in weekly unemployment aid is set to expire. The Senate bill extends the $300 boost through September, in contrast with the House bill that would raise the increase to $400 a week through August.

In addition to the $1,400 checks, the bill would provide funding for small businesses, schools, and cities and states; offer families with kids a tax break; and boost government spending on COVID-19 testing and contact tracing.

If the bill is signed into law by March 12, the Friday before extra jobless aid is set to expire, stimulus checks could begin hitting bank accounts anywhere from a few days to a week following that, based on the IRS' time frame for distributing the second round of stimulus checks in December.

Earlier this month, the IRS said it is watching the relief bill to prepare to distribute the next round of payments. "We are keeping our eyes closely on the hill," said Ken Corbin, the chief taxpayer experience officer at the IRS, although he didn't forecast when the tax agency could distribute the checks.
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Orbit

Orbit

I'm a planet
Quetzal

Quetzal

A little to the left and slightly out of focus.
Premium Member
esmith said:
Looks like a liberal wish list.....oh wait it is.
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Let's see... assisting the homeless, funding towards education, VA assistance, personal stimulus, infrastructure funding... yeah I see your point. No Republican would want any of that.
 
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