The House Budget Committee voted Monday to advance President Joe Biden’s $1.9 trillion relief package, setting up the legislation aimed at fighting the COVID-19 pandemic and its economic fallout to go to the House floor for a vote later this week.
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 round stimulus check that amounts to $1400 for a single taxpayer, or $2800 for a married couple that files jointly, plus $1400 per dependent. Individuals earning less than $75,000 would get the full amount as would married couples with incomes less than $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.
President Joe Biden wants to have the COVID-19 relief plan approved by March 14. However, if the Senate makes any changes to the bill, it would then have to go back to the House for approval again.
According to the first round of stimulus checks in April 2020, it would take one to two weeks for the federal government to start distributing money. So if everything goes alright and the IRS is able to keep with previous timelines, you can start receiving stimulus checks from late March to early April.
Senate leadership sealed a deal Sunday on a $900 billion COVID-19 economic relief package, delivering help to businesses and individuals. The announced agreement would establish a temporary $300 per week supplemental jobless benefit and a $600 direct stimulus payment to people who earned less than $75000 in 2019. The stimulus checks would also provide $600 per adult and child, which means that a family of four would receive $2400 up to a certain income.
Congress would also extend federal unemployment benefits of up to $300 per week, which could start as early as Dec.27.
Lawmakers are running out of time to pass another coronavirus relief package as the Congress will soon adjourn for holidays. After months of negotiations, it seems like they are close to an agreement. A second stimulus check for $600 is currently included in a $916 billion stimulus plan proposed in a bipartisan effort, which provides aid for small businesses, resumes federal supplements to people receiving state unemployment benefits and gives money to institutions that are at the forefront of combating the coronavirus.
This is where the proposed bills differ. The current bill proposed by both Democrats and Republicans would provide stimulus checks of $600 to each taxpayer, and $300 unemployment bonus. Meanwhile, Senator Josh Hawley has introduced his own stand-alone bill which would send out a $1200 stimulus check. However, it doesn’t resume the unemployment-benefit supplements.
The house will decide whether or not to pass the bill to the senate during Dec.19-22. If the senate approves, the bill goes to the president; if the president signs the bill before 23, the second round stimulus check will then be distributed. However, if any session of the process vetoes the bill, then it is very likely that you will have to wait longer till Biden comes to the office.
Second Round Stimulus Check is truly coming!
A proposal suggesting eligible Americans who earn less than $75,000 get a $1,200 Stimulus check has been put on the discussing table. In addition, people who got dependents of any age could get an additional $500. However, this is not the final stimulus plan. Details are still under negotiation.
Millions of Americans now have one common concern: When is the second round of stimulus checks and how much? With progress slowly being made, we can now tell you there is a possibility that the second round of stimulus checks rolls out before 2020 is through.
Answer to the question "how much" is still not clear. The White House and the two chambers of Congress still haven’t reached a consensus about what the second round of stimulus checks should look like so far. Several proposals have been made: $1,200 per eligible recipient. $6,000 maximum per family. $2,000 per person per month until January 2021 -- or maybe $2,000 per month until the pandemic ends.
Still waiting for your stimulus check? Till 12 p.m. Wednesday, the access is still open for you to give the IRS your bank account. The IRS announced last Friday that eligible taxpayers who are still waiting on their stimulus payments have to use the “Get My Payment” portal to input direct deposit information to avoid having to wait for a check in the mail before 12 p.m. Wednesday, May 13. Otherwise you will perhaps be waiting until June or later to receive their economic impact payment in the mail.
Stimulus checks, also referred to by some as the government's economic impact payments, are sent by the US government to taxpayers to boost their spending power and spur economic activity during the COVID-19 pandemic. Stimulus checks were last used during the Great Recession of 2008.
Adult U.S. residents that meet established income limits are eligible to receive money from the government. This includes:
The first waves of stimulus checks began hitting bank accounts on April 11. The first recipients were those who are eligible for the stimulus checks & have filed a tax return via direct deposit in either 2018 or 2019.
It is believed that most Americans who are on the list of the first recipients have already received it in their on-file bank account automatically. However, some issues have been reported in this process. As a result, millions of Americans who filed their tax returns through online services like TurboTax and H&R Block did not receive their checks.
On April 20, paper stimulus checks were given out by mail. They were expected to arrive by April 24. According to the scheduled timeline, paper stimulus checks would be sent out gradually. This could mean that unfortunately, some of you may not get your check until late summer.
Latest round is set to go out at the beginning of May. The key group of this round include people who aren’t required to file tax returns, such as those who receive Social Security, Supplemental Security Income (SSI) and veterans’ affairs benefits. In addition, tax filers who have recently provided bank information to the IRS will get the payments.
As we mentioned earlier, the distribution of stimulus checks are expected to last weeks, if not months. People who have smallest incomes are prior to receiving paper checks. If you haven’t got your stimulus check yet, it may be a natural outcome of your higher incomes. Besides, there are several other answers to this question. You can check out which one suits your case.
The IRS offers an official tool Get My Paymentto track the status of your stimulus check.
The datas will be updated only once a day. So there is no need to check the status several times a day.
Moving massive amounts of money into the hands of people who need it is a big job with many moving parts. Unfortunately, scammers also get involved. They may try to get you to pay a fee to get your stimulus payment. Or they might try to convince you to give them your Social Security number, bank account, or government benefits debit card account number.
If you get any calls, text messages, or emails with such intentions, don’t let yourself be tripped up. Always bear in mind that most people don’t have to do anything to get their money because the IRS will use the same payment method – direct deposit, Direct Express debit card, or paper check – used to send you your tax refund, Social Security, retirement, or other government benefits money.
People who didn’t include direct deposit info on their 2018 or 2019 returns can now enter their Cash App account and routing numbers on IRS’ “Get My Payment” web portal and get paid electronically - instead of waiting weeks. You can find information about your Cash App account and routing numbers by tapping the Banking tab on the bottom left of your Cash App home screen.
Besides, it is possible that a second or even a third round of stimulus checks would be approved. In the process of giving out a tremendous amount of money, many problems have been reported including low efficiency, which resulted in desperate waiting of a bunch of people who really need it. In reaction to this, there is a voice for the adoption of mobile apps to build a mobile payment system. Square's Cash App, PayPal's Venmo, and bank-owned Zelle have reportedly all contacted the US government to offer to help it distribute the funds. We offer you a free & safe download of these apps.
As a cash transfer mobile tool launched by Square in 2013, Square Cash allows users to directly send money to each other from a linked debit card, credit card, or any available funds in your Cash app. SquareCash is available for personal and business use and creating two accounts for different payment use is highly recommended. For business account users, Square Cash lets you request payments at the price of 2.75% per transaction.
Launched in June 2012 by PayPal, Venmo is a mobile payment allowing users to make direct money transfers or card payments between friends using a mobile phone app. To use Venmo service, you need to link to your credit card, debit card or checking account. Users can store some money in Venmo or cash them out to a bank account immediately. Venmo has also recently added a feature that enables websites and businesses to add payment services.
