Only individuals earning up to $75,000 would get the full payments, as would married couples with incomes up to $150,000. The payments will amount to $1,400 for a single person or $2,800 for a married couple filing jointly. Here are the income limits for checksĪ person's income is the chief determinant of whether they'll get a check, as well as the payment amount. In that case, a taxpayer might not receive as much stimulus money as they are entitled to. If a taxpayer has not filed their 2020 tax return by now, the IRS likely will rely on their 2019 tax return to calculate their stimulus check payment - and that 2019 return might not reflect income losses during last year's economic crisis or a new child, for example. The second stimulus check, approved at the end of December, had a faster rollout than the first, with some people receiving their checks just days after the bill was signed into law.īecause the IRS officially started accepting tax returns on February 12 and is slated to close the filing window on its customary date of April 15 for most Americans, the bill has been signed into law during the middle of tax filing season. The two previous rounds of stimulus checks required anywhere from days to months to reach consumers' checking accounts and mailboxes. Other measures include help for rental and homeowner assistance and more support to help people pay for health care premiums under the Affordable Care Act. And a new program targeted for restaurants and bars hurt by the pandemic will receive $28.6 billion. Spending for colleges and universities would be boosted by about $40 billion, with the money used to defray an institution's pandemic-related expenses and to provide emergency aid to students to cover expenses such as food and housing and computer equipment. Schools will also benefit, with $130 billion in additional funding targeted to schools for students in kindergarten through 12th grade. The bill also requires that small states get at least the amount they received under virus legislation that Congress passed last March. The legislation would send $350 billion to state and local governments and tribal governments for costs incurred up until the end of 2024. In addition to the $1,400 checks, the bill provides funding for small businesses offers families with kids a tax break of up to $3,600 per child and boosts government spending on COVID-19 testing and contact tracing. The American Rescue Plan ensures the extra $300 in weekly jobless pay will continue through September. The president signed the bill into law before Sunday, March 14, a key date since that's when the current extra $300 in weekly unemployment aid was set to expire. To see how much you might receive, you can use this Omni online calculator to determine whether you qualify and your potential payment. The nearly $2 trillion pandemic package 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. Child Tax Credit: Millions of parents could soon get up to $3,600 per child.Child care a major factor in women leaving jobs during the pandemic.Biden said more than 85% of people will receive one of the $1,400 checks.
In a new ad touting the stimulus plan, Mr. Payments are expected to continue over the next several weeks. White House press secretary Jen Psaki said the first wave of direct deposit checks would begin hitting Americans' bank accounts as soon as this weekend. "This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance," Mr. Biden's move followed the House's passage of the measure on Wednesday and the Senate's approval on Saturday. President Joe Biden signed the $1.9 trillion American Rescue Plan into law on Thursday, paving the way for his administration to deliver expanded unemployment, direct cash and other coronavirus relief to millions of Americans. Biden signs $1.9 trillion COVID relief bill into law 09:37
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