On Sunday, US President Joe Biden urged the Senate to take “quick action” to greenlight his $1.9 trillion COVID-19 relief package, also known as the American Rescue Plan, which was earlier okayed by the House.
Saturday saw House Democrats pass the American Rescue Plan, which, in particular, stipulates a third round of stimulus checks of $1,400 that will go to most American taxpayers and each of their dependents, according to CNBC.
Individuals who earn an adjusted gross income (AGI) of up to $75,000 plus married couples with an income of up to $150,000 will receive $1,400 each, and $1,400 more for each dependent.
Also eligible for a $1,400 payment will most likely be 26 million more people in the US, including college students who are claimed as dependents on their parents’ taxes, as well as disabled adults who are claimed as dependents, plus elderly Americans.
There’s still a big question mark as to how quickly the checks will arrive, given that after the relief bill passes Congress, it must be signed by the president.
The Internal Revenue Service (IRS) will then distribute the stimulus funds through direct deposit, mailed checks, and prepaid debit cards. If the relief package is sailed through Congress by the end of March, Americans may start getting the checks as of early April.
Aside from the stimulus checks, the package extends a federal bonus to unemployment benefits through August, provides more aid to small businesses, and allocates $75 billion for COVID-19 vaccinations and treatments.